EUR/SEK may rise to 11.9140 - 12.0240

Our pivot point is at 11.5230.

Our preference

The upside prevails as long as 11.5230 is support.

Alternative scenario

Below 11.5230, expect 11.3390 and 11.2300.

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 trading above both its 20 and 50 period moving average (respectively at 11.4543 and 11.4196).

Supports and resistances

12.2430 **

12.1330 *

12.0240 **

11.9140

11.6859 last

11.5950

11.5230 **

11.3390 *

11.2300 **

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