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EUR/SEK Bounce Potential at Current Level

EUR/SEK Bounce Potential at Current Level

2013-03-11 13:56:00
Jamie Saettele, CMT, Sr. Technical Strategist
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The EURSEK downtrend has been relentless in recent months but bottoming evidence is flashing across my screens this morning. A key reversal (also J-Spike) formed on Friday and an inverse head and shoulders pattern is visible over the last 4 days. Near term support is 8.3072. I'd like to see how price reacts at that level if reached before attempting longs against Friday's low.

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow him on Twitter @JamieSaettele

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Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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