The EURSEK looks like it's doing a zigzag correction against the trend.
So far it has done one leg down to complete an A wave. The first leg of the C wave has already broken through a long term daily trendline as indicated by the chart below.
The next chart shows the first major leg B wave rejected off the 50% retracement in the form of a Flat Structure and now we see a bearish candle against the 50% retracement of the next leg down to possibly complete a B wave of a smaller degree.
This setup has the potential to gain some momentum this week after breaking the key trendline. The wave structure also supports further downside as remain below 9.1634.
So far it has done one leg down to complete an A wave. The first leg of the C wave has already broken through a long term daily trendline as indicated by the chart below.
The next chart shows the first major leg B wave rejected off the 50% retracement in the form of a Flat Structure and now we see a bearish candle against the 50% retracement of the next leg down to possibly complete a B wave of a smaller degree.
This setup has the potential to gain some momentum this week after breaking the key trendline. The wave structure also supports further downside as remain below 9.1634.
