Euro Price Outlook: EUR/SEK, EUR/TRY, EUR/NZD
The Euro has been breaking lower against the Swedish Krona in recent weeks. The cross made a multi-month run higher before surrendering strength after putting in a high of 10.6934 on January 31st. Thursday’s price action looks to be forming a Doji candlestick, suggesting no conviction for a price direction from bears or bulls.
Earlier price action saw a bounce off prior support/resistance set through December. Should the bearish trend continue, watch for this level to give way to December lows around the 10.4170 level. While Thursday’s forming Doji candlestick suggests indecisiveness, the larger bearish trend remains intact.
EURSEK (Daily Chart)
A bullish picture emerges for the Euro versus the Turkish Lira. The cross is defending a higher low, put in place from last week after pulling back from a multi-month high earlier this year. If 6.5480 holds, the nearest level of potential support, the cross will likely maintain the bullish momentum seen in recent months and look to challenge January highs.
EURTRY (Daily Chart)
Price broke below a previous level of resistance today on EURNZD. Although support could still be provided, for now, bears look to be in control. The next level of support likely sits at 1.6749 - however, the level recently went unchecked. Should bears continue driving price lower, support at 1.6664 will be the next defining level for the pair.
EURNZD (Daily Chart)
--Written by Thomas Westwater, Intern Analyst for DailyFX.com
Contact and follow Thomas on Twitter @FxWestwater
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.