FxWirePro: EUR/SEK at 1-week peak on Sweden's downbeat service PMI, jump till 10.5919 likely
The Swedish Krona plunged to a fresh 1-week trough following the release of worse-than-expected service PMI. Sweden's services PMI tumbled to a seasonally adjusted 47.9 in November from a downwardly revised 49.4 in the p…
The Swedish Krona plunged to a fresh 1-week trough following the release of worse-than-expected service PMI.
Sweden's services PMI tumbled to a seasonally adjusted 47.9 in November from a downwardly revised 49.4 in the previous month, recording its third straight contraction.
However, the downside in the Swedish currency appears limited as the country recorded a current account surplus of 68.80 SEK billion in the third quarter.
EUR/SEK trades 0.2 percent up at 10.5835, having hit a high of 10.5845 earlier, its highest since November 26.
Technical indicators are bullish on hourly charts: RSI strong at 64.21, Stochs are biased higher and MACD supports upside.
Immediate resistance is located at 10.5919, any close above could take it near 10.6181.
On the lower side, support is seen at 10.5256, break below could take it till 10.5123.
Recommendation: Good to buy on dips around 10.5522, with stop loss of 10.5256, and target price at 10.5919.
