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EUR/SEK Offers Excellent Buy Opportunity at Current Levels

By Joel Kruger, Technical Strategist
22 June 2012 05:49 GMT

Eur/Sek Overall, we continue to project significant upside in this cross rate and see the market in the process of carving a material base that will ultimately open moves potentially back towards the 9.75 area over the coming months. Therefore, recent setbacks to 8.80 area should be used as formidable opportunities to build fresh longs.

Usd/Sek An inverse head & shoulders pattern has triggered following the break above 7.00, which now opens the door for more significant gains towards 8.00 further up. However, daily studies are unwinding from severely overbought territory, and as such, look for opportunities to buy into pullbacks towards 6.75.

Usd/Nok The latest break back above 6.10 opens the door for fresh upside over the coming weeks, with the market seen extending towards next key resistance by 6.30 further up. Any setbacks should now be very well supported into the 5.85 area.

Eur/NokDespite the latest pullback, we retain a constructive outlook and see this market in the process of establishing s major base. As such, any additional declines should be very well supported at current levels.

--- Written by Joel Kruger, Technical Currency Strategist

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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22 June 2012 05:49 GMT