Chart EUR/SEK Update: Prices remain under pressure
Cautious trade beneath resistance at 11.2000 has given way to anticipated losses
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 11.3650 | ** | 1 Oct YTD high | S1 | 11.1255 | * | 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 | 11.0375 | ** | 38.2% ret of Feb-Oct rally |
Asterisk denotes strength of level
11:55 BST - Cautious trade beneath resistance at 11.2000 has given way to anticipated losses, with prices currently pressuring support within congestion around 11.1000 and the 11.1250 break level from 30 June. Daily readings are bearish and broader weekly charts are also negative, 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 the 11.0375 Fibonacci retracement, but already oversold daily stochastics could limit any initial tests in short-covering/consolidation.
Meanwhile, resistance remains at 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.