EUR/SEK may rise 394 - 564 pips

Our pivot point stands at 11.3470.

Our preference

As long as 11.3470 is support look for 11.4280.

Alternative scenario

The downside breakout of 11.3470 would call for 11.3180 and 11.3000.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (11.3719) but above its 50 period moving average (11.3652).

Supports and resistances

11.4630 **

11.4460 *

11.4280 **

11.4110

11.3716 last

11.3580

11.3470 **

11.3180 *

11.3000 **

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