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EUR/SEK testing lows near 9.2800

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Swedish krona keeps appreciating vs. the single currency on Thursday, sending EUR/SEK to fresh multi-day lows near 9.2800 the figure.

    EUR/SEK lower on data, Riksbank

    SEK has gathered further traction today after the unemployment rate in the Nordic economy has stayed put at 6.7% during October, matching previous estimates. In addition, the cross has been retreating since Monday after another rejection from the 55-day sma located in the low-9.3700s.

    Furthermore, yesterday’s comments by Riksbank’s M.Floden have pointed to a strong recovery of the Scandinavian economy, amidst an ‘undervalued krona’ and efficient monetary policy.

    EUR/SEK significant levels

    At the moment the cross is losing 0.08% at 9.2884 and a breakdown of 9.2616 (low Nov.6) would open the door to 9.2290 (low Oct.13) and finally 9.1902 (low Oct.28). On the other hand, the immediate hurdle lines up at 9.3603 (200-day sma) followed by 9.4341 (50% Fibo of 9.6775-9.1906) and then 9.5350 (high Sep.28).
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