EUR/SEK Price Analysis: Traders seem non-committed above 11.80 amid mixed technical setup

EUR/SEK touches a three-day high on Friday, albeit lacks follow-through.
The formation of a multiple-top on the daily chart favours bearish traders.
Repeated failures to find acceptance below the 11.80 level warrant caution.

Haresh Menghani FXStreet

The EUR/SEK pair edges higher for the third straight day on Friday and touches a three-day high level of 11.8978 during the Asian session, albeit lacks bullish conviction.

From a technical perspective, the recent repeated failures ahead of the 12.00 round figure constitute the formation of a bearish multiple-top pattern on the daily chart. The EUR/SEK pair, however, has been showing some resilience below a previous strong resistance breakpoint, now turned support around the 11.80 region, which should now act as a pivotal point.

Meanwhile, oscillators on the daily chart are still holding in the bullish territory and have again started gaining positive traction on the 4-hour chart. This further makes it prudent to wait for strong follow-through selling and acceptance below the 11.80 area before traders start positioning for any meaningful corrective decline from the all-time peak touched in August.

The EUR/SEK pair might then accelerate the downfall towards the 11.7500 horizontal zone en route to the 11.7050 area. This is followed by support near the 11.6600 level, which if broken decisively will suggest that spot prices have topped out in the near term and set the stage for a further depreciating move.

On the flip side, bulls need to wait for a convincing breakout through the multiple-top barrier near the 11.95 region before placing fresh bets. The EUR/SEK pair might then prolong its well-established uptrend from the July swing low, around the 11.40 area.

EUR/SEK 4-hour chart

Technical levels to watch

EUR/SEK

Overview
Today last price	11.8875
Today Daily Change	0.0105
Today Daily Change %	0.09
Today daily open	11.877

Trends
Daily SMA20	11.8265
Daily SMA50	11.7275
Daily SMA100	11.5932
Daily SMA200	11.3769

Levels
Previous Daily High	11.8958
Previous Daily Low	11.8153
Previous Weekly High	11.9646
Previous Weekly Low	11.7798
Previous Monthly High	11.9664
Previous Monthly Low	11.4122
Daily Fibonacci 38.2%	11.865
Daily Fibonacci 61.8%	11.8461
Daily Pivot Point S1	11.8296
Daily Pivot Point S2	11.7822
Daily Pivot Point S3	11.7491
Daily Pivot Point R1	11.9101
Daily Pivot Point R2	11.9432
Daily Pivot Point R3	11.9906

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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