EUR/SEK may fall 425 - 615 pips

Our pivot point stands at 11.4620.

Our preference

Target 11.3750.

Alternative scenario

The upside breakout of 11.4620, would call for 11.4930 and 11.5120.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (11.4526) but above its 50 period moving average (11.4289).

Supports and resistances

11.5120 **

11.4930 *

11.4620 **

11.4500

11.4365 last

11.3940

11.3750 **

11.3570 *

11.3390 **

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