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Euro Outlook: EUR/SEK, EUR/NOK on Fringe of Bearish Correction?

Euro, EUR/SEK, EUR/NOK – TALKING POINTS

EUR/SEK and EUR/NOK multi-year uptrends in peril of bearish correctionEUR/NOK is on the cusp of breaking beneath the July 2019 rising assist zoneEUR/SEK upside momentum is ebbing; wunwell it break beneath the 2017 uptrend?

Discover ways to use political-risk evaluation in your buying and selling technique!

EUR/SEK Technical Evaluation

On November 25, EUR/SEK briefly dipped beneath the September 2017 uptrend. Whereas the pair closed simply above the cusp of the assist zone, the unprecedented transfer may invite extra significant follow-through. Trying forward, if the pair breaks beneath the rising assist channel with a day by day shut, it may precede an aggressive selloff and open the door to testing one other key worth vary.

EUR/SEK – Every day Chart

Chart showing EUR/SEK

EUR/SEK chart created utilizing TradingView

A weekly chart reveals EUR/SEK has been on a broad uptrend since March 2013. The pair’s flirtation with the September 17 rising assist channel may alarm merchants with lengthy positions. Breaching the decrease two-year uptrend may open the door to testing the five-year assist zone. Whereas this in itself wouldn’t essentially mark a tectonic shift within the pair’s trajectory, it may point out that the slope of appreciation could also be in for a correction.

EUR/SEK – Weekly Chart

Chart showing EUR/SEK

EUR/SEK chart created utilizing TradingView

EUR/NOK Technical Evaluation

EUR/NOK is continuous to flirt with the 2019 uptrend, which, if taken too far may see the pair breach beneath it and face extreme promoting stress if merchants interpret the break as a bearish correction. Have been this to happen, EUR/NOK might then search to check assist at 1.0602. Past that, the following main flooring to look at would be the 9.9278-9.9009 vary, although alongside the way in which down the pair will probably expertise some draw back friction.

EUR/NOK – Every day Chart

Chart showing EUR/NOK

EUR/NOKchart created utilizing TradingView

Zooming out to a weekly chart reveals that EUR/NOK – like EUR/SEK – may additionally be on the verge of a bearish correction. Whereas the slope might grow to be much less steep, it might not discourage merchants with lengthy positions. The latter might solely grow to be anxious if EUR/NOK breaks beneath the July uptrend with follow-through and begins to re-test the December 2012 rising assist channel. A breach beneath which will mark a tectonic shift within the pair’s trajectory.

EUR/NOK – Weekly Chart

Chart showing EUR/NOK

EUR/NOKchart created utilizing TradingView

NORDIC FX TRADING RESOURCES

— Written by Dimitri Zabelin, Jr Foreign money Analyst for DailyFX.com

To contact Dimitri, use the feedback part beneath or @ZabelinDimitrion Twitter


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