- The Swedish Krona eased from a record low following better-than-expected Sweden's industrial production.
- Sweden's industrial production increased 3.7 percent year-on-year in August 2019, following an upwardly revised 3.8 percent rise in the previous month
- The Swedish currency further extended gains on separate data showing total orders to the industry in Sweden fell 1.1 percent year-on-year in August of 2019, after an upwardly revised 2.8 percent decline in July
- On Monday, the pair rose as high as 10.8971 but trimmed some gains to close at 10.8757, 0.75 percent gain for the day.
- EUR/SEK trades 0.1 percent down at 10.8685, having hit an all-time high of 10.8871 the day before.
- Technical indicators support downside on hourly charts: RSI weak at 47.22, MACD show downtrend and Stochs are biased lower.
- Immediate resistance is located at 10.9000, any close above could take it near 10.9255.
- On the lower side, support is seen at 10.8540, break below could take it till 10.8165 (5-DMA).
Recommendation: Good to sell on rallies around 10.8757, with stop loss of 10.8971, and target price at 10.8404/ 10.8165.
