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EUR/SEK in fresh highs post-Riksbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The Swedish krona is rapidly depreciating vs. its European peer on Wednesday, lifting EUR/SEK to fresh daily peaks in the vicinity of 9.44.

    EUR/SEK stronger on Riksbank

    The cross has seen its upside boosted after the Riksbank has increased its monthly purchases of bonds to SEK 65 billion from SEK 45 billion. The Nordic central bank has also left its benchmark rate unchanged at -0.35%, in line with market expectations.

    The recent dovish tone by the ECB at its meeting last week plus the strong performance of the krona as of late have prompted the Riksbank to extend its ongoing QE programme, exerting at the same time further selling pressure to SEK.

    EUR/SEK levels to consider

    At the moment the cross is up 0.27% at 9.4186 and a break above 9.4534 (50% Fibo of 9.6775-9.2293) would expose 9.5350 (high Sep.28) and then 9.6773 (2015 high Aug.28). On the other hand, the immediate support lines up at 9.3383 (low Oct.28) followed by 9.3351 (23.6% Fibo of 9.6775-9.2293) and then 9.2293 (monthly low Oct.13).
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