EUR/SEK may fall 354 - 514 pips

Our pivot point is at 11.2550.

Our preference

Under pressure below 11.2550.

Alternative scenario

The upside breakout of 11.2550, would call for 11.2820 and 11.2980.

Comment

The RSI is below 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 11.2367 and 11.2247). Finally, the EUR/SEK has penetrated its lower Bollinger band (11.2273).

Supports and resistances

11.2980 **

11.2820 *

11.2550 **

11.2440

11.2244 last

11.1890

11.1730 **

11.1560 *

11.1400 **

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