TRENDING:

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.

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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD falls to near 1.1600 due to fading Fed rate cut bets

EUR/USD extends its losses for the second successive session, trading around 1.1610 during the Asian hours on Monday. The pair appreciates as the US Dollar receives support from cautious remarks given by US Federal Reserve officials, diminishing the likelihood of an interest rate cut in December.

GBP/USD weakens to near 1.3150 as BoE rate cut expectations grow on weak UK data

The GBP/USD pair declines to near 1.3155 during the early Asian session on Monday. The Pound Sterling softens against the US Dollar amid concerns about the UK's fiscal debt and weak economic data from the UK. Bank of England External Member Catherine Mann is set to speak later on Monday.

Gold could stage a rebound if key $4,070 support holds

Gold retakes $4,100 early Monday, snapping a two-day pullback from three-week highs. US Dollar firms up amid reduced December Fed rate cut bets, awaits US NFP release on Thursday. Gold defends critical support zone near $4,070 on the daily chart, while RSI stays bullish.

Top Crypto Gainers: Aster, Starknet, and Zcash recovery at risk

Aster, Starknet, and Zcash trade in the green over the last 24 hours, struggling to retain gains while the broader cryptocurrency market is in the red. The technical outlook of Aster and Zcash remains mixed as bearish potential arises, while Starknet could extend its consolidation range breakout rally.

Week ahead: US schedule awaited – Fed minutes, CPI and flash PMI on tap [Video]

Canada, Japan and the UK to publish CPI data, but not the US. US October jobs and inflation reports may never get released. New release schedule likely; FOMC minutes eyed in meantime. Flash PMIs to be watched amid renewed economic worries

VeChain mainnet upgrade shifts consensus mechanism from PoA to DPoS as VET extends decline

VeChain holds above $0.0150 as overhead pressure signals a 15% downside risk. VeChain migrates from Proof of Authority to Delegated Proof of Stake to power the network’s next growth phase.