EUR/SEK may fall 334 - 484 pips

Our pivot point is at 11.5880.

Our preference

The downside prevails as long as 11.5880 is resistance.

Alternative scenario

Above 11.5880, look for 11.6140 and 11.6290.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 11.5803 and 11.5907). Finally, the EUR/SEK has penetrated its lower Bollinger band (11.5607).

Supports and resistances

11.6290 **

11.6140 *

11.5880 **

11.5780

11.5564 last

11.5230

11.5080 **

11.4920 *

11.4770 **

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