Swedish Krona: Weakens against Euro – Societe Generale
Societe Generale’s Kenneth Broux highlights EUR/SEK reclaiming its 200-day moving average and breaking above a base, signalling a short-term uptrend towards 11.11. The analysis points to first support at 11.00 and suggests that defending this level could extend gains, with next objectives at the upper boundary of a longer-term descending channel around 11.30/11.33.
EUR/SEK uptrend with channel objectives
"EUR/SEK reclaimed the 200-DMA last month; this MA had acted as a crucial hurdle in previous rebound attempts."
"The pair recently broke out above the upper limit of a base denoting onset of a short-term uptrend and marched towards 11.11."
"The upper part of the base at 11.00 could be the first support. Defence of this may lead to a continuation of the up move. "
"Beyond 11.11, the next objectives could be located at the upper boundary of the descending channel drawn since 2023 at 11.30/11.33."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
Nothing in this material constitutes investment advice, personal recommendation, investment research, an offer, or a solicitation to buy or sell any financial instrument. The content has been prepared without consideration of your individual investment objectives, financial situation, or needs, and should not be treated as such.
Past performance is not a reliable indicator of future performance and/or results. Forward-looking scenarios or forecasts are not a guarantee of future performance. Actual results may differ materially from those anticipated.
Mitrade makes no representation or warranty as to the accuracy or completeness of the information provided and accepts no liability for any loss arising from reliance on such information.
Recommended Articles
