EUR/SEK may fall 292 - 422 pips

Our pivot point is at 11.4490.

Our preference

Target 11.3880.

Alternative scenario

The upside breakout of 11.4490, would call for 11.4720 and 11.4850.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (11.4347) but above its 50 period moving average (11.4286).

Supports and resistances

11.4850 **

11.4720 *

11.4490 **

11.4400

11.4302 last

11.4010

11.3880 **

11.3740 *

11.3600 **

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