Chart EUR/SEK Update: Extending losses from year highs
Anticipated continuation of February gains has posted a fresh year high at 11.3650
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 11.3650 | ** | 1 Oct YTD high | S1 | 11.1250 | * | 30 Jun (m) high, break level | |
| R3 | 11.3000 | ** | break level | S2 | 11.1000 | * | congestion | |
| R2 | 11.2500 | * | congestion | S3 | 11.0500 | * | congestion | |
| R1 | 11.2000 | * | break level | S4 | 11.0000 | * | break level |
Asterisk denotes strength of level
11:15 BST - Anticipated continuation of February gains has posted a fresh year high at 11.3650, where profit-taking has pushed prices steadily lower towards support at congestion around 11.1000 and the 11.1250 break level from 30 June. Daily readings are coming under pressure and broader weekly charts are turning bearish, highlighting room for further losses in the coming sessions. A break below here will add weight to sentiment and extend October losses towards congestion around 11.0500. Just lower is 11.0000, but already oversold daily stochastics could limit any initial tests in short-covering/consolidation.
Meanwhile, resistance is lowered to 11.2000. A close above here would help to stabilise price action. But a further close above congestion around 11.2500 would improve sentiment and put focus on 11.3000.