OctaFX | OctaFX Forex Broker
Open trading account

EUR/SEK undergoes corrective process

An upward and over extended market, set against the backdrop of a downtrend may swing the EUR/SEK buyer-seller pendulum back towards the bears again.

EUR/SEK was in sell mode until a recent move changed the shape of the price structure. The 4hr RSI was on average printing below 50% over the last three weeks and recently broke above the 60% mark. This can be considered overbought territory in the context of a full-fledged bear market. Therefore, the present corrective rally is vulnerable for a turnaround from here.

Further, the 50SMA is still below the 200SMA on 4hr charts. However, should the pair extend its recovery from multi-week lows into a new trend, traders may require a contingency plan in place.

USD/CHF fails to sustain gains, SNB says franc still significantly overvalued

USD/CHF printed fresh daily highs at the beginning of the American session but failed to sustain gains and retreated. Overall, the pair continues to trade within familiar ranges as investors search for catalysts to offer direction in the absence of first-tier data.
Read more Previous

US manufacturing PMI shows employment at lowest since 2014

The preliminary US manufacturing PMI released by the Markit today dropped to its lowest levels since October 2013 and factory gate prices fall for the first time in over three years.
Read more Next
Start livechat