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EUR/SEK Looking Highly Constructive After Key Resistance Break

EUR/SEK Looking Highly Constructive After Key Resistance Break

2012-03-08 06:15:00
Joel Kruger, Technical Strategist
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Eur/Sek Finally starting to follow through with our constructive outlook, with the market clearing some key resistance by 8.93 to open a fresh upside extension back towards the 9.10 area over the coming days. Setbacks should now be very well supported ahead of 8.85.

Usd/SekThe market has been unable to establish back under the 200-Day SMA and we are looking for the formation of a fresh medium-term higher low above 6.30 ahead of the next upside extension back through 7.00 over the coming weeks.

Usd/Nok The market has been unable to establish back under the 200-Day SMA and we are looking for the formation of a fresh medium-term higher low above 5.40 ahead of the next upside extension back through 6.00 over the coming weeks.

Eur/NokThe market remains under intense pressure after breaking down below 7.50 and could have its sights set on the multi-year lows from back in 2002-2003 by 7.20. However, daily studies continue to look quite stretched so we still do not rule out the potential for a significant bullish reversal ahead. Nevertheless, a break back above 7.55 will now be required to alleviate immediate downside pressures.

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

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