FxWirePro: EUR/SEK consolidates above 11.000, likely to resume weakness
The Swedish Krona consolidated within narrow ranges as the euro trimmed gains on weak PMI's. Eurozone business activity slumped, with IHS Markit’s eurozone composite flash PMI plummeting to a record low of 31.4 from Febr…
The Swedish Krona consolidated within narrow ranges as the euro trimmed gains on weak PMI's.
Eurozone business activity slumped, with IHS Markit’s eurozone composite flash PMI plummeting to a record low of 31.4 from February’s 51.6, well below the 50 level that signals growth.
The pair is likely to extend the bearish run for the fourth straight session.
EUR/SEK trades 0.05 percent down at 11.0801, having hit a high of 11.3520 on Thursday, its highest since March 2009.
10-DMA continues to act as major support.
Immediate resistance is located at 11.1417, any close above could take it near 11.1990.
On the lower side, support is seen at 10.9349 (10-EMA), break below could take it till 10.9061 (50% Fib).
