The EURSEK Retesting Pivot Support
We last posted on the EURSEK on April 25th when price was showing signs of bouncing off an April support.
Price did indeed gather momentum and break through the resistance high of April which is now being retested as support. This retest of resistance-turned-support is very much a natural feature of this trend and one that has brought linearity to the structure of the trend.
We have marked in all the levels of support that have been retested following a breakout and so what we are seeing in price now is very much a feature of this trend structure. Understanding this has huge benefits.
It allows us to plan for when we will enter and compound into the positions that we have open. It allows us to eliminate the stress and not get caught up in the ebbs and flow of profit but instead focus on the process. It also allows us to understand how to place and manage our stop-losses so that we do not get stopped out prematurely and, instead, hold our positions throughout the duration of the trend.
What we know want to see on the EURSEK is price hold at this current , bounce to the upside and break and close above the high of May. This will then suggest a trend continuation to the next of 11.0000 and when we will consider adding further compounds.
This is a very attractive looking trend so far and certainly one of the better looking trends in FX in quite a while. We do not want to see this come to an end anytime soon.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!