EUR/SEK: At risk of an extended correction only on a break below 11.42 – SocGen

Economists at Société Générale analyze EUR/SEK technical outlook.

Peak achieved in 2009 at 11.78 could be an important resistance

“EUR/SEK has recently overcome the upper part of its consolidation since February affirming resumption in uptrend. It is approaching next projections of 11.63/67 which is also a multi month channel band. An initial pullback is expected after achievement of this zone however upper limit of previous range at 11.42 should be an important support; only if this gets violated would there be risk of an extended correction.” 

“The peak achieved in 2009 at 11.78 could be an important resistance near term.”