EUR/SEK climbs to highs post-data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Swedish krona is losing ground today vs. the single currency, pushing EUR/SEK to the area of session tops near 9.2700.

    EUR/SEK stronger on data

    SEK gathered further downside pressure after Services PMI in the Nordic economy has come in below expectations during March, while Industrial Production and Industrial new Orders have slowed down the pace during February.

    In the meantime, the cross continues to navigate in the lower bound of the 9.50-9.20 range that has prevailed in the last months, while SEK remains closely followed by the Riksbank, against the backdrop of improving risk appetite and solid prospects in the domestic economy.

    EUR/SEK levels to consider

    As of writing the cross is up 0.05% at 9.2657 and a break above 9.2995 (100-day sma) would aim for 9.3307 (55-day sma) and then 9.3528 (200-day sma). On the other hand, the next support lines up at 9.1991 (low Mar.17) ahead of 9.1810 (low Mar.10) and finally 9.1173 (low Dec.30 2015).
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