13.01.201610:21 Forex Analysis & Reviews: Technical analysis of EUR/SEK for January 13, 2016

Long-term review

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After a steady downtrend, EURSEK broke above the descending channel on the 5th of January. The Fibonacci applied to the channel breakout point shows that while S2 (50%) and S1 (38.2%) support levels were rejected, the channel breakout target at R1 (9.2985) hasn't been tested.

Consider buying EURSEK if price gets back to the S1 support (9.2300), targeting 0% Fibs at R1 (9.2985). Stop loss should be placed below the channel breakout point (S2).

Support: 9.2305, 9.2095

Resistance: 9.2985

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