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2 Mar 2015
EUR/SEK to edge higher towards 9.9740 – Danske
FXStreet (Barcelona) - Thomas Harr, Global Head of FICC Research at Danske Bank shares the technical outlook for EUR/SEK, anticipating the pair to move higher towards 9.9740, with the pair expected to remain bullish whilst above 9.0560.
Key Quotes
“The recovery from the 13 August 2012 low at 8.1740 reached 9.7250 on 16 December 2014 before stalling.”
“However, the longer-term structure remains bullish and short-term weakness is expected to attract fresh buying interest near a confluence of support in the 9.2690/9.2215 area. This area consists of the 28 January prior reaction low, an approximate 2-year rising trendline and the 50- week moving average (MA).”
“The prior uptrend is expected to resume in due course, and back above 9.7250 will open the way for a test of the 21 May 2010 reaction high/50% retracement of the March 2009 – August 2012 fall at 9.9740/9.9795. Through here, a rally can extend towards the 61.8% retracement level at 10.4060.”
“It would take a breach of the 14 October 2014 low at 9.0560 to threaten the wider bullish tone, although buyers may look to re-group closer to the 200-week MA.”
Key Quotes
“The recovery from the 13 August 2012 low at 8.1740 reached 9.7250 on 16 December 2014 before stalling.”
“However, the longer-term structure remains bullish and short-term weakness is expected to attract fresh buying interest near a confluence of support in the 9.2690/9.2215 area. This area consists of the 28 January prior reaction low, an approximate 2-year rising trendline and the 50- week moving average (MA).”
“The prior uptrend is expected to resume in due course, and back above 9.7250 will open the way for a test of the 21 May 2010 reaction high/50% retracement of the March 2009 – August 2012 fall at 9.9740/9.9795. Through here, a rally can extend towards the 61.8% retracement level at 10.4060.”
“It would take a breach of the 14 October 2014 low at 9.0560 to threaten the wider bullish tone, although buyers may look to re-group closer to the 200-week MA.”