FxWirePro: EUR/SEK at 2-week peak, intraday bias bullish
The Swedish Krona slumped to a fresh 2-week trough as investors digested worse-than-expected inflation rate. Sweden's consumer price index decreased 1.40 percent in January of 2020 after posting a rise of 0.4 percent in …
The Swedish Krona slumped to a fresh 2-week trough as investors digested worse-than-expected inflation rate.
Sweden's consumer price index decreased 1.40 percent in January of 2020 after posting a rise of 0.4 percent in December, while on an annualized basis, the inflation rate fell to 1.3 percent in January from 1.8 percent in December.
EUR/SEK trades 0.2 percent up at 10.5877, having hit a high of 10.5992 earlier, its highest since February 5.
Technical indicators are bullish: RSI strong at 55.50, MACD supports upside and Stochs are biased higher.
Immediate resistance is located at 10.6069, any close above could take it near 10.6108.
On the lower side, support is seen at 10.5603, break below could take it till 10.5558.
Recommendation: Good to buy on dips around 10.5707, with stop loss of 10.5603, and target price at 10.6069.
