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EUR/SEK drops further to 9.4200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Swedish krona is sharply higher vs. its European peer on Thursday, sending EUR/SEK to fresh lows near the 9.4200 handle.

    EUR/SEK weaker post-CPI results

    The cross has dipped to new weekly lows after inflation figures in the Nordic economy have surpassed expectations during January. In fact, SEK has gathered further traction after consumer prices tracked by the CPI rose at an annualized rate of 0.8%, while prices gauged by the CPIF (CPI at constant interest rates) rose 1.6% on a yearly basis.

    In the meantime, the cross is extending its decline from YTD highs near 9.6200 the figure posted last week following the Riksbank rate cut.

    EUR/SEK levels to consider

    As of writing the cross is retreating 0.59% at 9.4160 and a break below 9.3891 (20-day sma) would expose 9.3789 (50% Fibo of 9.1413-9.6163) and finally 9.3494 (200-day sma). On the other hand, the next resistance lines up at 9.5044 (23.6% Fibo of 9.1413-9.6163) followed by 9.6163 (YTD high Feb.11) and then 9.6867 (high 2015 Feb.12).
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