EUR/SEK may rise 384 - 574 pips

Our pivot point stands at 11.4170.

Our preference

Our next up target stands at 11.5000.

Alternative scenario

The downside breakout of 11.4170 would call for 11.3860 and 11.3670.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 11.4311 and 11.4284).

Supports and resistances

11.5380 **

11.5190 *

11.5000 **

11.4810

11.4426 last

11.4300

11.4170 **

11.3860 *

11.3670 **

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