EUR/SEK may rise to 11.9530 - 12.0610

Our pivot point is at 11.5570.

Our preference

The upside prevails as long as 11.5570 is support.

Alternative scenario

Below 11.5570, expect 11.3760 and 11.2670.

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 11.5465 and 11.4301).

Supports and resistances

12.2780 **

12.1700 *

12.0610 **

11.9530

11.7133 last

11.6290

11.5570 **

11.3760 *

11.2670 **

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