EUR/SEK has so far carved out a higher trough near 11.12/11.10 as compared to the one achieved in December near 11.00. An initial bounce can’t be ruled out, but it would be interesting to see if the pair can reclaim the lower limit of previous multi month range at 11.42. Inability to overcome this resistance could mean risk of one more down leg.

Break below 11.12/11.10 can result in deeper decline towards the trend line drawn since 2022 at 11.00 and 10.90.