FxWirePro: EUR/SEK eases on Sweden's upbeat manufacturing PMI, good to sell on rallies
The Swedish Krona rose, hovering away from an over 3-month trough recorded last week following the release of upbeat manufacturing PMI. Sweden's Swedbank Manufacturing PMI increased to 53.2 in February from an upwardly r…
The Swedish Krona rose, hovering away from an over 3-month trough recorded last week following the release of upbeat manufacturing PMI.
Sweden's Swedbank Manufacturing PMI increased to 53.2 in February from an upwardly revised 52.0 in the previous month, indicating the second straight month of expansion in the sector and the strongest since November 2018.
EUR/SEK trades 0.5 percent down at 10.5546, having hit a high of 10.6961 on Friday, its highest since November 20.
Technical indicators are bearish: RSI weak at 48 and Stochs are biased lower.
Immediate resistance is located at 10.6510, any close above could take it near 10.6655.
On the lower side, support is seen at 10.5410, break below could take it till 10.5315.
Recommendation: Good to sell on rallies around 10.6013, with stop loss of 10.6125 and target price at 10.5410.
