EUR/SEK Signal Today - 30/09: Euro Finds SEK Support (Chart)
Date
9/30/2024 2:53:29 PM
(MENAFN- Daily Forex) Potential Signal:
At this point in time, I do believe that we are more likely than not going to see a move to the upside, but I also recognize that it's going to be very noisy on the way back out. I'm a buyer at the 11.35 level, with a stop loss at the 11.23 level. I'd be aiming for a move to the 11.50 level.
The EUR/SEK pair looks like the euro is going to continue to pay close attention to the 11.25 SEK level which has acted as significant support for some time with that being the case, it sets up for an interesting technical trade, assuming all things stay the same. Keep in mind that this is a pair that does tend to be very choppy, as the 2 economies do a lot of trade back and forth, and of course the Swedish krona has a lot to do with more of a“risk on behavior” in the markets than the European Union.
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However, it's not to say that Sweden is inherently“risky”, just that it's a little further out on the risk spectrum than the euro is. Ultimately, this is a market that I like the idea of buying, but I also recognize that it could be a bit noisy on the way higher. If we do break to the upside, one of the places that I'll be watching very closely is the 11.40 region, where the 50 Day EMA currently sits bound
All things being equal, this is a market that I think is somewhat range bound, and I think that will probably continue to be the case. However, if the market were to pull back from here, if we break down below the 11 SEK level, then the market could really start to fall apart. At this point, you would see the euro lose a lot of strength, and perhaps we might see a little bit more risk appetite coming into the market. All things being equal, this is a market that continues to be noisy, and I think that is something that you need to keep in the back of your mind.
Position sizing will continue to be paramount as well and as a result I think you need to be cautious with overexposing yourself the one currency or the other, because quite frankly it is a situation where we will continue to see a lot of indecision at times.
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