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EUR/SEK Bounce Potential at Current Level

EUR/SEK Bounce Potential at Current Level

Jamie Saettele, CMT, Sr. Technical Strategist

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

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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.