EUR/SEK eyes more upside after rebound – Societe Generale

EUR/SEK has rebounded steadily after testing key support at the lower boundary of its long-term channel and is now approaching the crucial 200-day moving average. A defense of the 11.02 level could pave the way for further gains toward 11.37 and potentially the upper channel band at 11.48/11.52, Societe Generale's FX analysts report.

Key support at 11.02 in focus for EUR/SEK

"EUR/SEK tested the lower boundary of a down-sloping channel drawn since 2023 at 10.66 in April and has evolved within a steady rebound. It has crossed a multi-month descending trend line. The pair is now in vicinity to the 200-DMA. If a short-term pullback develops, recent pivot low of 11.02 may provide support."

"Defense of this could lead to continuation in up-move. Beyond recent pivot high of 11.28, the pair could extend the uptrend towards 11.37 and the upper band of the channel at 11.48/11.52."