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EUR/SEK bounces off lows on Riksbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Swedish krona has surrendered its initial gains vs. the euro, now taking EUR/SEK to levels above the 9.33 handle.

    EUR/SEK unchanged on Riksbank minutes

    The cross keeps the trade above the 9.33 handle after the Nordic central bank has published its minutes from the October 27 meeting. The Riksbank has reiterated that the current monetary stance is collaborating with the strengthening in the economic recovery and helping inflation figures to resume the upside trend, while it has also showed concerns over the prospects of the global economy. All in all, everything points to a ‘looser for longer’ stance by the Riksbank.

    It is worth mentioning that the central bank has left its benchmark rate unchanged at -0.35% and it has increased its monthly purchases of bonds to SEK 65 billion during the first half of 2016.

    EUR/SEK levels to consider

    At the moment the cross is advancing 0.02% at 9.3327 with the next resistance at 9.3659 (200-day sma) followed by 9.3840 (50% Fibo of 9.5315-9.2366) and then 9.4013 (100-day sma). On the other hand, a break below 9.3062 (23.6% Fibo of 9.5315-9.2366) would aim for 9.2588 (low Oct.7) and then 9.2366 (monthly low Oct.13).
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