EUR/SEK may rise 368 - 538 pips

11.3440 is our pivot point.

Our preference

The upside prevails as long as 11.3440 is support.

Alternative scenario

The downside breakout of 11.3440 would call for 11.3150 and 11.2970.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 11.3643 and 11.3590).

Supports and resistances

11.4570 **

11.4400 *

11.4230 **

11.4060

11.3692 last

11.3550

11.3440 **

11.3150 *

11.2970 **

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