FxWirePro: EUR/SEK exhibits range bound movement, faces strong resistance at 9.6346
EUR/SEK is currently trading around 9.6237 levels. It made intraday high at 9.6371 and low at 9.6192 levels. Intraday bias remains bearish till the time pair holds key resistance at 9.6346 levels. A daily close below 9.6…
EUR/SEK is currently trading around 9.6237 levels.
It made intraday high at 9.6371 and low at 9.6192 levels.
Intraday bias remains bearish till the time pair holds key resistance at 9.6346 levels.
A daily close below 9.6037 will take the parity down towards key supports at 9.5911, 9.5717, 9.5611, 9.5461, 9.53 and 9.5210 marks respectively.
On the other side, a daily close above 9.6346 is required to take the parity higher towards key resistance at 9.6455/9.6655/9.6742.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
Sweden will release industrial production data at 0730 GMT.
We prefer to go short on EUR/SEK around 9.6250, stop loss 9.6346 and target of 9.6037/9.5911.
