KeytoMarkets

EURSEK may be running into an area of support zone

FX:EURSEK   Euro / Swedish Krona
A couple of technical factors grabs our attention:
• The weekly pivotal finds at 10.35 its 100MA and 20MA (weekly)
• Coincides with the earlier breakout level (May 2018)
• The five-month ascending trendline remains valid
• Whereas, the daily and weekly studies remaining bearish
• The cross lost the both 20 and 50MA.

Three-day focus: Technical rebound in a bearish trend

Since the H4 oscillator has picked up and as the daily study RSI has been turned bullish , rallies are anticipated towards 10.47 and 10.52 initially, ahead of the resistance 10.57. This view will strengthen only if the price breaks above 10.43.

Intraday: As long as 10.30 is support look for 10.4280. An alternative scenario, if price breakdown below 10.30, could retrace further to 10.23 and 10.20 its 200MA.

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