- The Swedish Krona rebounded from a 5-week low following Riksbank's Monetary Policy Meeting Minutes of the December meeting.
- Sweden's central bank raised its benchmark repo rate by 25bps to 0 percent during its December meeting, ending five years of negative interest rates.
- EUR/SEK trades 0.3 percent down at 10.5116, having hit a high of 10.5774 earlier, its highest since December 4.
- Technical indicators are bearish on hourly charts: RSI weak at 37.71, Stochs are biased lower and MACD supports downside.
- Immediate resistance is located at 10.5922, any close above could take it near 10.6322 (5-DMA).
- On the lower side, support is seen at 10.4930 (21-EMA), break below could take it till 10.4698 (21-DMA).
Recommendation: Good to sell on rallies around 10.5430, with stop loss of 10.5790, and target price at 10.4930.
