EUR/SEK may fall 378 - 528 pips

Our pivot point stands at 11.5480.

Our preference

Under pressure below 11.5480.

Alternative scenario

The upside breakout of 11.5480, would call for 11.5730 and 11.5890.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 11.5306 and 11.5226). Finally, the EUR/SEK is trading below its lower Bollinger band (standing at 11.5207).

Supports and resistances

11.5890 **

11.5730 *

11.5480 **

11.5380

11.5198 last

11.4820

11.4670 **

11.4520 *

11.4370 **

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