FxWirePro: EUR/SEK breaks above 21-DMA, jump till 10.9650 likely
The Swedish Krona declined, hovering further away from a 1-month peak recorded last week despite better-than-expected unemployment data. Sweden's jobless rate fell to 7.1 percent in March from 7.7 percent in the same mon…
The Swedish Krona declined, hovering further away from a 1-month peak recorded last week despite better-than-expected unemployment data.
Sweden's jobless rate fell to 7.1 percent in March from 7.7 percent in the same month of the previous year, as the number of unemployed declined by 35 thousand to 389 thousand.
The pair broke above major resistance 21-DMA and is likely to test 11.000 level.
The weakness in the Swedish currency comes in as the U.S. oil prices plunged below $0 for the first time ever on Monday as demand for crude slumped amid the coronavirus pandemic.
EUR/SEK trades 0.7 percent up at 10.9533, having hit a low of 10.8363 on Friday, its lowest since March 17.
Immediate resistance is located at 10.9650, any close above could take it near 10.9851.
On the lower side, support is seen at 10.8645, break below could take it till 10.8540.
