The common European currency has appreciated substantially against the Swedish Krona within the past three months. During this time, an ascending channel was guiding the pair up until a 2017 high of 9.9929 was reached on November 21. The Euro has likewise formed a two-week junior channel. Its bottom boundary has had three confirmations, while the upside its currently being tested for the second time. As apparent on the chart, the pair has been reluctant to move past the 9.9260 area for the last week. The same situation occurred in this session, as well, as the Euro has significantly diminished its trading range. This suggests that the rate could go for the senior channel circa 9.89 today. However, the combined support of the 55-, 100– and 200-hour SMAs is likely to hinder further decline. Meanwhile, technical indicators suggest that the pair could respect the junior channel and thus breach the senior one in a week.
