EUR/SEK may rise 232 - 342 pips

11.4040 is our pivot point.

Our preference

The upside prevails as long as 11.4040 is support.

Alternative scenario

The downside breakout of 11.4040 would call for 11.3850 and 11.3750.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 11.4150 and 11.4140).

Supports and resistances

11.4770 **

11.4660 *

11.4550 **

11.4440

11.4208 last

11.4110

11.4040 **

11.3850 *

11.3750 **

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