Earlier on a 4-hour graph the USD/SEK has formed Shooting Star candlestick that indicates the downside movement, confirmed further.
This candlestick appeared after the currency pair could not break through the level of 6.8937, which means that the bulls did not manage to fixate here. Further, the bears started to increase their influence.
A breakout of the Fibonacci correction level 23.6 confirms this viewpoint. Now the decline to the support level of 6.7012 with the next target to 6.6419 is expectable.
However, it should be said that if the resistance level of 6.8937 is broken through, then short positions should be closed, as it will lead to the increase to 7.0870.
