EUR/SEK may fall 534 - 694 pips

Our pivot point stands at 11.2340.

Our preference

Under pressure below 11.2340.

Alternative scenario

Above 11.2340, look for 11.2610 and 11.2770.

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 price is trading under both its 20 and 50 period moving average (respectively at 11.2190 and 11.2118).

Supports and resistances

11.2770 **

11.2610 *

11.2340 **

11.2230

11.2074 last

11.1540

11.1380 **

11.1220 *

11.1060 **

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