The EUR/SEK has constantly bounced after testing the key support in the lower limit of its long -term channel and is now approaching the crucial average 200 -day mobile. A defense of level 11.02 could pave the way for more profits towards 11.37 and potentially the upper limit of the channel in 11.48/11.52, FX analysts of Société Générale report.
Key support at 11.02 in the focus for Eur/Sek
“The EUR/SEK tested the lower limit of a descending channel drawn from 2023 in 10.66 in April and has evolved within a constant rebound. It has crossed a line of descending trend of several months. The pair is now located in the vicinity of the 200 -day mobile average. If a short -term recoil is developed, the recent minimum pivot of 11.02 could provide support.”
“The defense of this could lead to a continuation in the upward movement. Beyond the recent pivotant of 11.28, the pair could extend the upward trend towards 11.37 and the upper limit of the channel in 11.48/11.52.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
