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EUR/SEK sinks to lows post-GDP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Swedish krona is sharply appreciating vs. its European peer at the beginning of the week, relegating EUR/SEK to test fresh lows near the 9.3100 handle.

    EUR/SEK lower on GDP figures

    The cross saw its downside exacerbated after GDP figures in Sweden showed the Nordic economy has expanded more than expected at an annual pace of 4.5% during the fourth quarter and 1.3% inter-quarter, vs. forecasts at 3.5% and 0.7%, respectively.

    The cross is now trading in fresh 4-week lows in the wake of the GDP release, as the Swedish economy keeps outperforming its peers growth-wise while prompting the Riksbank to remain vigilant in order to avoid ‘undesirable’ SEK appreciation.

    EUR/SEK levels to consider

    As of writing the cross is retreating 0.42% at 9.3152 and a break below 9.2531 (76.4% Fibo of 9.1413-9.6163) would expose 9.1173 (low Dec.30 2015) and finally 9.0904 (low Jun.29 2015). On the other hand, the next resistance lines up at 9.4146 (20-day sma) followed by 9.4346 (38.2% Fibo of 9.1413-9.6163) and then 9.5364 (high Feb.10).
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