EUR/SEK: Recent pivot high of 11.20 is likely to be a resistance – Société Générale

EUR/SEK broke below the lower limit of a multi-month triangle resulting in a steep decline, Société Générale's FX analysts note. 

Daily MACD is now within deep negative territory

"A descending trend line drawn parallel to the upper band of the formation at 10.84/10.78, which is also a projection for the decline could be a potential support zone. Daily MACD is now within deep negative territory highlighting a stretched down move. Defence of 10.84/10.78 could result in a short-term rebound. Recent pivot high of 11.20 is likely to be a resistance."