EUR/SEK may fall 403 - 593 pips

Our pivot point is at 11.4390.

Our preference

The downside prevails as long as 11.4390 is resistance.

Alternative scenario

Above 11.4390, look for 11.4710 and 11.4900.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 11.4744 and 11.5031). Finally, the EUR/SEK is trading below its lower Bollinger band (standing at 11.4096).

Supports and resistances

11.4900 **

11.4710 *

11.4390 **

11.4270

11.3863 last

11.3460

11.3270 **

11.3080 *

11.2890 **

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