Forex analytics and overview

EUR/SEK Rebounds From Near 10.410, But Stays Below Two Diagonal Lines

2022.06.06 15:05

EUR/SEK traded higher on Friday, after hitting support at 10.410. That said, today, the rate traded in a quieter manner, staying slightly above the 10.450 zone, but well below the downside resistance line taken from the high of May 10, and well below the prior upside support line drawn from the low of Apr. 20.

In our view, this leaves the door open for the bears to jump back into the action and push the rate back down.

They may decide to take charge from near the 10.500 area, which provided resistance on June 1 and 2, and perhaps aim for another test near the 10.410 zone, which was hit on Friday, but also on May 17.

A break below that barrier will confirm a forthcoming lower low and could carry larger bearish implications, perhaps paving the way towards the 10.330 territory, defined as a support by the lows of May 4 and 5.

Taking a look at our short-term oscillators, we see that the RSI lies flat, fractionally below its 50 line, while the MACD, although negative, runs above its trigger line and points up.

Both indicators detect slowing downside speed, which means that some further consolidation, or even recovery, could be possible, perhaps until the 10.500 zone, which we already mentioned.

On the upside, we would like to see the recovery extending above both the aforementioned diagonal lines, as well as above the 10.555 territory. In our view, this could signal that the bulls have gained full control and that there are decent chances for more advances.

The next stop could be at 10.605, a resistance marked by the high of May 26, the break of which could aim for the high of May 12, at 10.638. If they don’t stop there, then we may see them climbing towards the high of May 10, at 10.677.
EUR/SEK Rebounds From Near 10.410, But Stays Below Two Diagonal LinesEUR/JPY 4-hour chart technical analysis

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 80,213.49 2.80%
ethereum
Ethereum (ETH) $ 1,838.47 2.26%
tether
Tether (USDT) $ 0.999941 0.01%
xrp
XRP (XRP) $ 2.24 0.60%
bnb
BNB (BNB) $ 576.15 3.07%
solana
Solana (SOL) $ 121.74 2.98%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.701398 3.17%
dogecoin
Dogecoin (DOGE) $ 0.164029 1.83%
tron
TRON (TRX) $ 0.223654 0.03%
staked-ether
Lido Staked Ether (STETH) $ 1,836.83 2.27%
lombard-staked-btc
Lombard Staked BTC (LBTC) $ 82,872.20 0.10%
pi-network
Pi Network (PI) $ 1.63 2.02%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 80,081.46 2.89%
leo-token
LEO Token (LEO) $ 9.71 0.47%
stellar
Stellar (XLM) $ 0.272069 6.13%
usds
USDS (USDS) $ 1.00 0.08%
chainlink
Chainlink (LINK) $ 12.80 3.30%
hedera-hashgraph
Hedera (HBAR) $ 0.187341 5.88%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,206.69 1.85%
avalanche-2
Avalanche (AVAX) $ 18.08 1.20%
shiba-inu
Shiba Inu (SHIB) $ 0.000012 2.78%
sui
Sui (SUI) $ 2.14 4.45%
the-open-network
Toncoin (TON) $ 2.71 0.60%
litecoin
Litecoin (LTC) $ 86.92 4.21%
bitcoin-cash
Bitcoin Cash (BCH) $ 327.89 7.16%
mantra-dao
MANTRA (OM) $ 6.34 0.52%
polkadot
Polkadot (DOT) $ 3.87 2.53%
ethena-usde
Ethena USDe (USDE) $ 0.999575 0.04%
weth
WETH (WETH) $ 1,837.89 2.33%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.16%
bitget-token
Bitget Token (BGB) $ 4.15 1.12%
hyperliquid
Hyperliquid (HYPE) $ 12.39 6.78%
whitebit
WhiteBIT Coin (WBT) $ 28.11 2.18%
monero
Monero (XMR) $ 206.05 0.77%
wrapped-eeth
Wrapped eETH (WEETH) $ 1,951.83 2.31%
susds
sUSDS (SUSDS) $ 1.04 0.12%
uniswap
Uniswap (UNI) $ 5.76 1.23%
dai
Dai (DAI) $ 0.999987 0.01%
aptos
Aptos (APT) $ 4.96 3.47%
near
NEAR Protocol (NEAR) $ 2.50 0.90%
pepe
Pepe (PEPE) $ 0.000007 0.73%
ethereum-classic
Ethereum Classic (ETC) $ 17.51 2.06%
ondo-finance
Ondo (ONDO) $ 0.816149 4.02%
internet-computer
Internet Computer (ICP) $ 5.35 1.99%
aave
Aave (AAVE) $ 166.08 3.29%
okb
OKB (OKB) $ 41.09 0.09%
mantle
Mantle (MNT) $ 0.73044 2.49%
gatechain-token
Gate (GT) $ 20.00 0.27%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 80,190.49 2.79%