Key Moments
- Societe Generale notes EUR/SEK has moved back above its 200-day moving average, overcoming a key technical barrier.
- The pair recently advanced toward 11.11 after breaking out above the top of a prior base formation.
- Support is identified around 11.00, with potential upside objectives at the upper boundary of a longer-term descending channel near 11.30/11.33.
Societe Generale Flags Strengthening EUR/SEK Trend
Kenneth Broux of Societe Generale highlights that EUR/SEK has reclaimed its 200-day moving average, a level that had previously acted as a significant obstacle during earlier recovery attempts. The move above this technical indicator is interpreted as a sign of renewed upside momentum in the pair.
Short-Term Uptrend and Key Price Levels
According to the analysis, the pair has broken above the upper boundary of a base pattern, signaling the start of a short-term upward trend and a move toward 11.11. Broux identifies the upper part of this base at 11.00 as the first notable support level.
The view suggests that if EUR/SEK holds above 11.00, the upward move could continue. The next potential upside targets are seen at the upper edge of a descending channel that has been in place since 2023, with objectives around 11.30/11.33.
Technical Levels at a Glance
| Level | Technical Significance |
|---|---|
| 200-day moving average | Previously a key hurdle, now reclaimed by EUR/SEK |
| 11.00 | First support at the upper part of the prior base |
| 11.11 | Initial upside objective following base breakout |
| 11.30/11.33 | Next targets at the upper boundary of the descending channel drawn since 2023 |
Analyst Commentary
“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.”
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