The EURSEK has been consistently increasing for four consecutive days, reaching a high point around 11.8875.

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• EUR/SEK extends its upside around 11.8875 for the four straight days.

The pair currently trades last at 11.8835.

The previous day high was 12.3577 while the previous day low was 11.8468. The daily 38.2% Fib levels comes at 12.1625, expected to provide resistance. Similarly, the daily 61.8% fib level is at 12.0419, expected to provide resistance.

The EUR/SEK cross trades in positive territory for the fourth consecutive day. The cross currently trades near 11.8875, losing 0.15% on the day. Market players await the European Central Bank (ECB) President Lagarde’s Speech later in the day and will find a clear direction around the cross.

Last week, Riksbank Governor Erik Thedeen stated that the Swedish Krona’s (SEK) weakness is unjustified. The policymaker added that the Swedish Krona is very far from a country with a collapsing currency due to several factors.

From the technical perspective, EUR/SEK trades within the ascending trend-channel since the middle of July on the four-hour chart. Additionally, the cross holds above the 50- and 100-hour Exponential Moving Average (EMAs), which means the further upside looks favorable for the time being. Furthermore, the Relative Strength Index (RSI) stands in bullish territory above 50, indicating the path of least resistance seems is to the upside for now.

The initial support level for the cross is located near the lower limit of the ascending trend-channel at 11.8650. The next contention level will emerge at 11.8418 (100-hour EMA). The additional downside filter is located at 11.7375 (a low of August 15).

On the upside, a high of September 1 at 11.9240 acts as an immediate resistance level for the cross. The next upside stop to watch is 11.9500 (a high of July 7). The key barrier for EUR/SEK is located at 11.9625, representing a Year-To-Date (YTD) high. Any meaningful follow-through buying above the latter will see a rally to the next critical area at 12.0000. The mentioned level portrays a psychological round figure and the upper boundary of the ascending trend-channel.

Technical Levels: Supports and Resistances

EURSEK currently trading at 11.9001 at the time of writing. Pair opened at 11.905 and is trading with a change of -0.04 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 11.8405, 50 SMA 11.7308, 100 SMA @ 11.5991 and 200 SMA @ 11.3822.

The previous day high was 12.3577 while the previous day low was 11.8468. The daily 38.2% Fib levels comes at 12.1625, expected to provide resistance. Similarly, the daily 61.8% fib level is at 12.0419, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 11.7153, 11.5255, 11.2043
• Pivot resistance is noted at 12.2262, 12.5475, 12.7372

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