EUR/SEK may rise 392 - 572 pips

Our pivot point stands at 11.3960.

Our preference

The upside prevails as long as 11.3960 is support.

Alternative scenario

The downside breakout of 11.3960 would call for 11.3650 and 11.3470.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 11.4121 and 11.4142). Finally, the EUR/SEK is trading above its upper Bollinger band (standing at 11.4218).

Supports and resistances

11.5190 **

11.5010 *

11.4820 **

11.4640

11.4248 last

11.4080

11.3960 **

11.3650 *

11.3470 **

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