FxWirePro: EUR/SEK at 3-month peak, jump till 10.7010 likely
The Swedish Krona slumped an over 3-month trough following soft GDP growth data. Sweden's gross domestic product expanded 0.8 percent in the fourth quarter of 2019 over the same quarter of the previous year, its lowest a…
The Swedish Krona slumped an over 3-month trough following soft GDP growth data.
Sweden's gross domestic product expanded 0.8 percent in the fourth quarter of 2019 over the same quarter of the previous year, its lowest annual growth rate in five quarters.
EUR/SEK trades 0.5 percent up at 10.6761, having hit a high of 10.6961 earlier, its highest since November 20.
Technical indicators are bullish: RSI strong at 64, MACD supports upside and Stochs are at overbought levels.
Immediate resistance is located at 10.7010, any close above could take it near 10.7030 / 10.7104.
On the lower side, support is seen at 10.6125, break below could take it till 10.6013.
Recommendation: Good to buy on dips around 10.6268, with stop loss of 10.6125 and target price at 10.7010.
