EUR/SEK may rise 385 - 535 pips

11.5750 is our pivot point.

Our preference

The upside prevails as long as 11.5750 is support.

Alternative scenario

The downside breakout of 11.5750 would call for 11.5490 and 11.5330.

Comment

The RSI is above 50. 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 11.5800 and 11.5623). Finally, the EUR/SEK is trading above its upper Bollinger band (standing at 11.5983).

Supports and resistances

11.6850 **

11.6700 *

11.6540 **

11.6390

11.6005 last

11.5850

11.5750 **

11.5490 *

11.5330 **

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