EUR/SEK may fall 395 - 565 pips

Our pivot point is at 11.3830.

Our preference

The downside prevails as long as 11.3830 is resistance.

Alternative scenario

Above 11.3830, look for 11.4120 and 11.4290.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 11.3679 and 11.3696).

Supports and resistances

11.4290 **

11.4120 *

11.3830 **

11.3720

11.3595 last

11.3200

11.3030 **

11.2860 *

11.2690 **

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