Chart EUR/SEK Update: Poised to extend October losses
Little change, as prices extend pressure on congestion support at 11.1000
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 11.3000 | ** | break level | S1 | 11.1000 | * | congestion | |
| R3 | 11.2500 | * | congestion | S2 | 11.0500 | * | congestion | |
| R2 | 11.2000 | * | break level | S3 | 11.0375 | ** | 38.2% ret of Feb-Oct rally | |
| R1 | 11.1500 | * | break level | S4 | 11.0000 | ** | break level |
Asterisk denotes strength of level
11:50 GMT - Little change, as prices extend pressure on congestion support at 11.1000. Rising daily stochastics and the flat daily Tension Indicator are ticking lower once again, highlighting a deterioration in sentiment and room for fresh losses in the coming sessions. A break will add weight to sentiment and extend October losses towards congestion around 11.0500. Just lower is the 11.0375 Fibonacci retracement. Already oversold daily stochastics could limit any initial tests in short-covering/consolidation, before bearish weekly charts prompt a further break, initially opening up congestion around 11.0000.
Meanwhile, resistance is lowered to the 11.1500 range highs. An unexpected close above here would help to improve sentiment and open up 11.2000, where renewed selling interest is expected to appear.