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EUR/SEK may be building a significant top as the pair has retreated in the last weeks falling from the 19 March high at 11.534 to the current level at 10.564.

Key quotes

“We are seeing EUR/SEK breaking its uptrend for 2017, despite EUR weakness elsewhere. Below 10.5603 should confirm a clear break for a test of long-term price and ‘neckline’ support at 10.4327/10.4130.” 

“A close below 10.4327 at any stage would mark a long-term top and core change of trend lower, with support then seen next at 10.1697.”