EURSEK - Monthly Timeframe Overview - Beginning of a downtrend?
As the pair reached the 0.618 Fib of what could appear to be a wave 5 extension, it suddenly dropped. So far, being there similar movements all across the board, it definitely seems to be a euro driven movement. Having said that, the downward move occurred over the last weeks marks either the end of the uptrend (if we see the price movement of the last five years as an uptrend), or the end of the upwards correction and the resuming of the big monthly downtrend (if we see said movement as a correction). Reason for which, whichever is the scenario playing out we will be looking for sell setups only, on this pair. In the medium term, we expect the price to head towards the trend line target and then towards the 9.12 area, if the trend breaks. If the trend holds, instead, and the pair goes for one more up move then we would definitely be in a monthly correction.
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Updates on smaller timeframes will follow.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.