Trade view /
23 May 2016 at 5:18 GMT
The EURSEK pair has gone higher than planned in this trade view. The current ascent has reached an inflection point were the pattern is showing signs of sluggish behavior.
This kind of price action can often be seen in the middle of a move higher before a relatively steep wave four correction before a resumption of the uptrend.
If this is just a dead-cat bounce the current area following the price structure as of late would be an tempting area for bears to strike.
If this pair has more business to the upside we should be spared a close below 9.25, which is why it could be wise to adjust the stop.
An alternative to raising the stop is obviously to take partial or full profits.
Stop: Daily close below 9.25.
EURSEK daily chart
Source: Saxo Bank - create your own charts with SaxoTrader. Click here to learn more
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— Edited by Adam Courtenay
Non-independent investment research disclaimer applies. Read more