FxWirePro: EUR/SEK declines below 11.000 level, minor support at 7-EMA

• The Swedish Krona surged, extending previous session gains as the Riksbank stated that it is prepared to take further measures to supply additional liquidity. 
   
• Earlier in the week, the Riksbank unveiled measures to cushion the Swedish economy from the effects of coronavirus.
   
• Sweden's central bank offered more loans to banks at favourable terms and increased asset purchases in order to allow additional liquidity into the system and prevent any blockages.
   
• On Thursday, the pair rallied to an 11-year peak but retraced to close 0.5 percent lower at 11.1088. 
   
• EUR/SEK trades 0.6 percent down at 11.0528, having hit a high of 11.3520 the day before, its highest since March 2009.
   
• Technical indicators are bearish: RSI points south and Stochs have rolled over from overbought levels.
   
• Immediate resistance is located at 11.2068, any close above could take it near 11.2420.
   
• On the lower side, support is seen at 10.9483 (7-EMA), break below could take it till 10.9106 (50% Fib).
   

Recommendation: Good to sell on rallies around 11.1001, with stop loss of 11.1484 and target price at 10.9483.