According to Societe Generale’s Kenneth Broux, the Swedish Krona has weakened against the Euro, with the EUR/SEK currency pair reclaiming its 200-day moving average last month. This moving average had previously served as a significant resistance point during earlier rebound attempts by the pair [1]. The recent price action saw EUR/SEK break above the upper limit of a base formation, signaling the start of a short-term uptrend and a move towards the 11.11 level [1].
Broux identifies the 11.00 level as the first support for EUR/SEK. He notes that if this support is defended, it could pave the way for further gains. The next technical objectives are set at the upper boundary of a longer-term descending channel, which lies around 11.30 to 11.33 [1].
No specific market reactions, analyst opinions beyond Societe Generale’s technical outlook, or forward-looking statements regarding macroeconomic factors were mentioned in the article. The analysis is focused on technical levels and potential price targets for the EUR/SEK pair [1].
CONCLUSION
Societe Generale’s technical analysis highlights a short-term uptrend for EUR/SEK, with key support at 11.00 and upside targets at 11.11 and 11.30/11.33. The Swedish Krona’s recent weakness against the Euro is attributed to these technical developments. Market participants may watch these levels for further direction in the currency pair.