EUR/SEK could resume its uptrend once it breaks 11.95

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EUR/SEK’s uptrend stalled after retesting the July highs near 11.95.

The pair’s recent price action has been range-bound, but there are no signs of a sharp decline yet.

The 50-DMA around 11.79/11.75 is expected to act as initial support in the near term.

Once above 11.95, EUR/SEK is likely to resume its upward move and gradually head towards the forecast target levels of 12.10 and 12.19.

There is only a risk of a short-term pullback if the 11.79/11.75 support levels are broken.