EUR/SEK has been trading down for an extended period of time and the fall does not seem to be over. Price remains below the 200 Moving Average. Yesterday, the confirming that bears are still driving this pair was rejected.

Applying the Fibonacci, it became obvious that price rejected both the 200 MA and the 61.8% Retracement level - R2 (9.2800). After that price started to move lower and broke below the 50% level - R1 (9.2475).

Currently the nearest downside target is at S2 (9.1740) as the S1 (9.2145) has already been broken. Consider selling EUR/SEK today while the price remains near R1, targeting either S2 or S3 support levels. The stop loss should be just above the R2.

Support: 9.2145, 9.1740, 9.1080

Resistance: 9.2475, 9.2800