Economists at Société Général analyze EUR/SEK outlook as the pair is fast approaching projections of 11.07.
Recent pivot high at 11.28/11.29 likely to provide resistance
EUR/SEK has staged the expected downtrend after breaking below the lower limit of its multi-month range near 11.40.
Daily MACD is within deep negative territory denoting an overstretched down move. This does not highlight a trend reversal, but an initial bounce can’t be ruled out.
The recent pivot high at 11.28/11.29 is likely to provide resistance.
Below 11.07, the next potential supports are located at 11.00 and 10.93/10.90, the 50% retracement from 2021.
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