EUR/SEK may rise 294 - 424 pips

Our pivot point stands at 11.3400.

Our preference

The upside prevails as long as 11.3400 is support.

Alternative scenario

Below 11.3400, expect 11.3170 and 11.3040.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 11.3400 and 11.3313). Finally, the EUR/SEK is trading above its upper Bollinger band (standing at 11.3546).

Supports and resistances

11.4300 **

11.4160 *

11.4030 **

11.3900

11.3606 last

11.3490

11.3400 **

11.3170 *

11.3040 **

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