Chart EUR/SEK Update: Reached strong support
Anticipated losses have reached strong support at the 10.9200 monthly low of 7 August and the 10.9350 Fibonacci retracement
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 11.1500 | * | break level | S1 | 10.9350 | ** | 50% ret of Feb-Oct rally | |
| R3 | 11.1000 | * | congestion | S2 | 10.9200 | ** | 7 Aug (m) low | |
| R2 | 11.0500 | * | congestion | S3 | 10.8600 | * | break level | |
| R1 | 11.0000 | ** | break level | S4 | 10.8330 | ** | 61.8% ret of Feb-Oct rally |
Asterisk denotes strength of level
12:55 GMT - Anticipated losses have reached strong support at the 10.9200 monthly low of 7 August and the 10.9350 Fibonacci retracement, where flat oversold daily stochastics are prompting short-covering. Consolidation above here is highlighted, before the bearish daily Tension Indicator and negative weekly charts prompt fresh selling interest and continuation of losses from the 11.3665 current year high of 1 October. A close below this tight range will add weight to sentiment and open up the 10.8600 break level. However, already oversold weekly stochastics could limit any deeper retracement in short-covering/consolidation towards the 10.8330 retracement.
Meanwhile, resistance is lowered to 11.0000. A close above here, if seen, would help to stabilise price action and prompt consolidation beneath congestion around 11.0500. A further close above here would improve price action and signal a stronger bounce towards 11.1000.