EUR/SEK may rise 350 - 520 pips

Our pivot point stands at 11.2420.

Our preference

The upside prevails as long as 11.2420 is support.

Alternative scenario

The downside breakout of 11.2420 would call for 11.2140 and 11.1970.

Comment

The RSI is above 50. 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 11.2597 and 11.2631).

Supports and resistances

11.3510 **

11.3350 *

11.3180 **

11.3010

11.2660 last

11.2530

11.2420 **

11.2140 *

11.1970 **

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