Today's First For Trading Call

EURSEK - Bearish in a Head and Shoulders formation

Ian Coleman - First 4 TradingIan Coleman - First 4 Trading , Analyst, First 4 Trading
Filed in Today's First4Trading Call
United Kingdom, 24 September 2012 at 06:09 GMT+0
Recommended Recommend Unrecommend Recommend

Our last medium term EURSEK report proved correct with buying to our second target level of 8.6300. This was a 261.8 percent extension of gains from 8.7130- 8.3485. Selling has been posted from this level and a mild correction was posted on Friday. The daily chart shows this mild profit taking recovery as a Head and Shoulders formation with gains being rejected above 8.5330, right shoulder. We look for the downside to extend so our call is bearish below a stop of 8.6000.

The profit targets are 8.4530, neckline, then 8.3585, measured move and 61.8 percent pullback. A move beyond this level is unlikely but the market should focus on 8.2075.

The risk to this call is that selling interest is weaker than currently assessed. This would be signalled by a move through 8.6000, a break of the September 18 Marabuzo.

EURSEK Daily

EURSEK Daily

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  2. EURSEK

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