EUR/SEK may rise 490 - 640 pips

Our pivot point is at 11.6560.

Our preference

As long as 11.6560 is support look for 11.7430.

Alternative scenario

The downside breakout of 11.6560 would call for 11.6290 and 11.6140.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (11.6795) but above its 50 period moving average (11.6638).

Supports and resistances

11.7750 **

11.7590 *

11.7430 **

11.7280

11.6790 last

11.6660

11.6560 **

11.6290 *

11.6140 **

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