EUR/SEK: Stronger recovery in the making? - Natixis

Micaella Feldstein, Research Analyst at Natixis, explains that the 9.4060-9.4230 (rising trendline) interrupted the downside for the EUR/SEK pair at the beginning of February and favoured a sharp rally.

Key Quotes

“The ST technical pattern has improved markedly with the emergence of an upside bubble on the daily chart, since the daily indicators have turned around and as the weekly stochastic has picked up.”

“The above paves the way for a stronger recovery to 9.5890-9.60 (daily Bollinger upper band) ahead of 9.6550 (weekly Bollinger moving average). The break of the latter would unleash added upside potential to 9.7420 (50% Fibonacci retracement of the 10.0878-9.4063 bearish wave) and to 9.8320 (monthly Bollinger upper band). The supports lie at 9.4870-9.50, at 9.4630, at 9.4060-9.4230 and at 9.3680.”