FX.co ★ USD/SEK candlestick analysis for March 31, 2011

The USD/SEK currency pair is demonstrating downside movement after it failed to break the Fibonacci correction level 61.8.
Earlier on a 4-hour graph the USD/SEK formed a Bullish Engulfing candlestick combination that indicates upside movement, confirmed further.
This combination formed after the pair failed to break the 6.2383 level, which means that the bears could not solidify here and the bulls started to increase their influence.
Break of the Fibonacci correction level 23.6 proves this viewpoint. Now we should expect upside movement to the 6.5019 level, where the Fibonacci correction level 50.0 is also located.
However, it is worth mentioning that if the 6.2794 support level is broken, long positions should be closed as this will cause a decline to the 6.2383 level.