EUR/SEK may rise to 11.9650 - 12.0750

11.5770 is our pivot point.

Our preference

The upside prevails as long as 11.5770 is support.

Alternative scenario

Below 11.5770, expect 11.3920 and 11.2820.

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 above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 11.5294 and 11.4282).

Supports and resistances

12.2960 **

12.1850 *

12.0750 **

11.9650

11.7370 last

11.6500

11.5770 **

11.3920 *

11.2820 **

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