EUR/SEK may fall 473 - 703 pips

11.5840 is our pivot point.

Our preference

The downside prevails as long as 11.5840 is resistance.

Alternative scenario

The upside breakout of 11.5840, would call for 11.6230 and 11.6450.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 11.5572 and 11.5482).

Supports and resistances

11.6450 **

11.6230 *

11.5840 **

11.5690

11.5463 last

11.4990

11.4760 **

11.4530 *

11.4310 **

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