FX.co ★ USD/SEK candlestick analysis for April 13, 2011

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 6.1758 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 6.3678 level, where the Fibonacci correction level 61.8 is also located.
However, it is worth mentioning that if the 6.1758 support level is broken, long positions should be closed as this will cause a decline to the 6.1250 level.