Chart EUR/SEK Update: Limited tests higher - background studies under pressure
Anticipated losses have reached 10.9200, where a tick higher in oversold daily stochastics and the flattening bearish daily Tension Indicator are prompting a bounce
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 11.1500 | * | congestion | S1 | 10.9200 | * | 7 Aug (w) low | |
| R3 | 11.1255 | ** | 30 Jun YTD high | S2 | 10.9000 | * | congestion | |
| R2 | 11.1000 | ** | range highs | S3 | 10.8865 | * | 38.2% ret of Feb-Jun rally | |
| R1 | 11.0000 | ** | break level | S4 | 10.8500 | * | congestion |
Asterisk denotes strength of level
11:20 BST - Anticipated losses have reached 10.9200, where a tick higher in oversold daily stochastics and the flattening bearish daily Tension Indicator are prompting a bounce. Focus is on resistance at 11.0000. But negative weekly charts should limit any initial tests in renewed selling interest. Following cautious/corrective trade, fresh losses are looked for. A later close below the 10.9200 weekly low of 7 August will add weight to sentiment and extend losses from the 11.1255 current year high of 30 June below congestion around 10.9000 towards the 10.8865 Fibonacci retracement. Meanwhile, a close back above 11.0000, if seen, would help to stabilise price action and prompt consolidation beneath the 11.1000 range highs.