Chart EUR/SEK Update: Fresh year highs - studies continue to rise
Choppy trade around 11.1500 has given way to anticipated gains
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 11.5000 | * | congestion | S1 | 11.2000 | ** | congestion | |
| R3 | 11.4250 | ** | 61.8% ret of 2023-2026 fall | S2 | 11.1500 | * | congestion | |
| R2 | 11.4000 | ** | congestion | S3 | 11.1000 | * | congestion | |
| R1 | 11.3000 | * | congestion | S4 | 11.0000 | ** | break level |
Asterisk denotes strength of level
11:40 BST - Choppy trade around 11.1500 has given way to anticipated gains, with prices posting fresh year highs around congestion resistance at 11.3000 before settling lower in choppy trade around 11.2700. Rising daily stochastics are flattening in overbought areas, suggesting room for consolidation, before the positive daily Tension Indicator and rising weekly charts prompt further gains. A later break above 11.3000 will help to improve sentiment and extend gains from the 10.5000 current year low of 3 February towards congestion around 11.4000 and the 11.4250 Fibonacci retracement. Overbought weekly stochastics could limit any initial tests in profit-taking/consolidation.
Meanwhile, support is at congestion around 11.2000 and extends to 11.1500. A close beneath here, if seen, would add weight to sentiment and prompt a deeper retracement towards 11.0000.