EUR/SEK may fall 356 - 526 pips

Our pivot point stands at 11.3950.

Our preference

As long as 11.3950 is resistance look for 11.3060.

Alternative scenario

The upside breakout of 11.3950, would call for 11.4220 and 11.4390.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and above its signal line. The break above the 50 area on the RSI should trigger further gains. Moreover, the price stands above its 20 period moving average (11.3573) but below its 50 period moving average (11.3590).

Supports and resistances

11.4390 **

11.4220 *

11.3950 **

11.3840

11.3586 last

11.3230

11.3060 **

11.2900 *

11.2740 **

Number of asterisks represents the strength of support and resistance levels.