The technical indicators for the EUR/SEK reveal an impending retracement to the latest price downturn, but these signals appear weak.
As you can see on the chart below, the EUR/SEK has been in a long-term bearish channel, with few indications that this will come to an end any time soon.
Long-term indicators of direction still remain bearish. The Stochastic (slow) on the daily chart (below) and the weekly chart (not shown) both have the price above the over-sold region, suggesting further room for downward maneuverability.
However, momentum indicators, such as the Williams Percent Range and Relative Strength Index (RSI) are beginning to drop into the over-sold region, suggesting a build-up of buy pressure.
Adding these two signals together suggests the long-term trend on this pair will remain bearish, but we could see a retracement over the next few weeks, targeting the 8.8000 price mark - but likely falling short before continuing the bearish run.
EUR/SEK - Daily Chart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
