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.)