EUR/SEK may fall 336 - 496 pips

Our pivot point is at 11.7590.

Our preference

The downside prevails as long as 11.7590 is resistance.

Alternative scenario

Above 11.7590, look for 11.7860 and 11.8020.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 11.7375 and 11.7362).

Supports and resistances

11.8020 **

11.7860 *

11.7590 **

11.7490

11.7356 last

11.7020

11.6860 **

11.6700 *

11.6540 **

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