FxWirePro: EUR/SEK breaks above 55-EMA, jump till 10.7592.likely
The Swedish Krona plunged to a near 3-week low despite upbeat capacity utilization data. Sweden's industries operated at 91.4 percent of their production capacity in Q3, up from an upwardly revised 90.9 percent in Q2, it…
The Swedish Krona plunged to a near 3-week low despite upbeat capacity utilization data.
Sweden's industries operated at 91.4 percent of their production capacity in Q3, up from an upwardly revised 90.9 percent in Q2, it's highest since series began in Q1 1990.
The pair broke above major resistance 55-EMA and is trading above the 10.7400 level
EUR/SEK trades 0.7 percent up at 10.7422, having hit a high of 10.7516 earlier, its highest since November 1.
Technical indicators are bullish: RSI strong at 54.91, Stochs are biased higher and MACD supports upside.
Immediate resistance is located at 10.7592, any close above could take it near 10.7847.
On the lower side, support is seen at 10.6454, break below could take it till 10.6314 (200-DMA).
Recommendation: Good to buy on dips around 10.6713, with stop loss of 10.6454 and target price at 10.7592.
