EURSEK - Ascending Triangle formation; Bullish above 8.6390
EURSEK – In line with yesterday's medium-term buy call, EURSEK has traded higher within this bullish ascending triangle formation. Although we are against previous resistance area as we write, there is no indication that this bullish momentum is reversing. We need to see a break of 8.6790 to continue the move higher but the intraday bias is bullish above a stop at 8.6390.
The profit targets are: 8.6750, 8.7000 and toward 8.7200.
The risk, however, would be with selling through a stop at 8.6390, a break inside yesterday's Value Area (MP).