EUR/SEK may rise 335 - 485 pips

Our pivot point stands at 11.6790.

Our preference

The upside prevails as long as 11.6790 is support.

Alternative scenario

The downside breakout of 11.6790 would call for 11.6530 and 11.6370.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 11.6940 and 11.6861). Finally, the EUR/SEK is trading above its upper Bollinger band (standing at 11.7161).

Supports and resistances

11.8060 **

11.7900 *

11.7740 **

11.7590

11.7255 last

11.6900

11.6790 **

11.6530 *

11.6370 **

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