EUR/SEK may fall 292 - 412 pips

Our pivot point is at 11.4380.

Our preference

The downside prevails as long as 11.4380 is resistance.

Alternative scenario

The upside breakout of 11.4380, would call for 11.4570 and 11.4690.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 11.4190 and 11.4201).

Supports and resistances

11.4690 **

11.4570 *

11.4380 **

11.4300

11.4172 last

11.3880

11.3760 **

11.3640 *

11.3530 **

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