EUR/SEK Bounce Potential at Current Level
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
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.