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EUR/SEK weaker, sinks near 9.2900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Swedish krona is rapidly appreciating vs. the shared currency on Tuesday, dragging EUR/SEK to fresh lows near 9.2900 the figure.

    EUR/SEK lower on Floden comments

    The pair has intensified its weekly decline, now retreating for the third session in a row following comments by Riksbank’s Deputy Governor Martin Floden.

    Floden has argued that SEK is ‘slightly undervalued’, adding that expansive monetary policy is needed in order to boost inflation. He further stressed that he does not see the domestic economy overheating.

    EUR/SEK significant levels

    At the moment the cross is losing 0.20% at 9.2963 and a breakdown of 9.2748 (4-month uptrend) would open the door to 9.1902 (low Oct.28) and finally 0.0904 (low Jun.29). On the other hand, the immediate hurdle lines up at 9.3619 (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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