Ella 
EUR/SEK moved higher for the third straight session in Asia on Friday and hit a three-day high of 11.8978, but lacked bullish momentum.
From a technical point of view, the EUR/SEK has repeatedly fallen below the 12.00 integer mark recently, forming a bearish peak pattern on the line chart. However, EUR/SEK has shown some resilience below the previous breakout of strong resistance, which is now turning into support around 11.80, an area that should now be a pivotal level.
Meanwhile, oscillators on the daily chart remain in bullish territory and the 4-hour chart is also starting to gain momentum again. This further suggests that it would be prudent to wait for strong follow-through selling and support below the 11.80 area before traders start preparing for a significant downside consolidation from the all-time high hit in August.
EUR/SEK could then accelerate its decline towards the 11.7500 level area and then towards the 11.7050 area. This is followed by support around the 11.6600 level, a clear break below which would suggest that EUR/SEK has peaked in the short-term and lay the groundwork for further declines.
Conversely, bulls need to wait for a clear break above bullish resistance around 11.95 before placing new bets. At that point, the EUR/SEK pair could extend its established uptrend from July’s swing lows around 11.40.
