EUR/SEK may rise 390 - 550 pips

Our pivot point is at 11.7090.

Our preference

The upside prevails as long as 11.7090 is support.

Alternative scenario

Below 11.7090, expect 11.6820 and 11.6660.

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 11.6928 and 11.6908). Finally, the EUR/SEK has crossed above its upper Bollinger band (11.7295).

Supports and resistances

11.8270 **

11.8110 *

11.7950 **

11.7790

11.7400 last

11.7190

11.7090 **

11.6820 *

11.6660 **

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