- The Swedish Krona rose, hovering towards a near 2-week peak hit in the previous session on mixed economic data.
- Sweden's services PMI declined to a seasonally adjusted 49.5 in October from 49.8 in the previous month.
- The economy's industrial production increased 1.0 percent year-on-year in September, following a downwardly revised 3.2 percent rise in the previous month, while new orders plunged 1.5 percent from a downwardly revised 0.6 percent decrease in August.
- On Monday, the pair slumped to a 12-day low but rebounded to close higher at 10.6981.
- EUR/SEK trades 0.2 percent down at 10.6738, having hit a low of 10.6599 the day before, its lowest since October 24.
- Technical indicators are bearish: RSI weak at 39.51, Stochs are at oversold levels and MACD supports downside.
- Immediate resistance is located at 10.7341 (55-EMA), any close above could take it near 10.7513 (21-EMA).
- On the lower side, support is seen at 10.6497, break below could take it till 10.6178 (200-DMA).
Recommendation: Good to sell on rallies around 10.6933, with stop loss of 10.7264, and target price at 10.6497.
