EUR/SEK may rise 386 - 576 pips

Our pivot point is at 11.4250.

Our preference

The upside prevails as long as 11.4250 is support.

Alternative scenario

Below 11.4250, expect 11.3940 and 11.3760.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). 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 11.4310 and 11.4154).

Supports and resistances

11.5510 **

11.5320 *

11.5140 **

11.4950

11.4564 last

11.4370

11.4250 **

11.3940 *

11.3760 **

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