EUR/SEK may fall 436 - 626 pips

Our pivot point stands at 11.4170.

Our preference

The downside prevails as long as 11.4170 is resistance.

Alternative scenario

Above 11.4170, look for 11.4490 and 11.4670.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 11.4098 and 11.4207). Finally, the EUR/SEK has penetrated its lower Bollinger band (11.3924).

Supports and resistances

11.4670 **

11.4490 *

11.4170 **

11.4050

11.3916 last

11.3480

11.3290 **

11.3100 *

11.2920 **

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