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FxWirePro: EUR/SEK at 4-month low, dip till 10.5386 likely

The Swedish Krona rallied to a 4-month peak as the euro weakened on last week's downbeat manufacturing data. EUR/SEK trades 0.1 percent down at 10.5893, having hit a low of 10.5508 earlier, its lowest since July 26. Tech…

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  • The Swedish Krona rallied to a 4-month peak as the euro weakened on last week's downbeat manufacturing data.
  • EUR/SEK trades 0.1 percent down at 10.5893, having hit a low of 10.5508 earlier, its lowest since July 26.
  • Technical indicators are bearish: RSI weak at 32.67, Stochs are at oversold levels and MACD supports downside.
  • Immediate resistance is located at 10.6341 (200-DMA), any close above could take it near 10.6661 (10-DMA)
  • On the lower side, support is seen at 10.5386, break below could take it till 10.5252.

Recommendation: Good to sell on rallies around 10.5990, with stop loss of 10.6341 and target price at 10.5386.

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