EUR/SEK may fall 402 - 592 pips

Our pivot point is at 11.5540.

Our preference

The downside prevails as long as 11.5540 is resistance.

Alternative scenario

The upside breakout of 11.5540, would call for 11.5860 and 11.6050.

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 11.5312 and 11.5501).

Supports and resistances

11.6050 **

11.5860 *

11.5540 **

11.5410

11.5282 last

11.4880

11.4690 **

11.4500 *

11.4310 **

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