EUR/SEK: Race higher could persist gradually towards 11.10 – SocGen

EUR/SEK broke out above a multi-month trend line resulting in a move towards 11.10 in October. Economists at Société Générale expect the pair to advance nicely towards 11.10, then 11.26.

Upward momentum prevails

“Currently a phase of pullback is underway however the pair has so far successfully defended that support line at 10.68/10.63.”

“Daily MACD has entered positive territory denoting prevalence of upward momentum.” 

“Holding above 10.68/10.63, the up move could persist gradually towards 11.10 and projections of 11.26.”

See – EUR/SEK: Krona to weaken over the coming quarters – Danske Bank