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TECHS: Bearish Trend Conditions Dominate

EURSEK

Trend conditions in EURSEK remain bearish with the cross looking to extend the downtrend that has dominated since the reversal on Mar 19.

  • Yesterday's sell-off breached support at 10.1255, Nov 12 low confirming a resumption of the downtrend and maintains a bearish price sequence of lower lows and lower highs.
  • Price objectives are set at 10.1000 next and below this at 10.0583, 0.50 Fibonacci projection of the Mar 19 - Jul 21 - Sep 25 price swing.
  • Further out, a break of 10.0583 would expose the psychological 10.0000 handle.
  • Key trend resistance resides at 10.2929, Nov 13 high. Ahead of this, the 20-day EMA at 10.2399 marks a firm resistance.
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