FxWirePro: EUR/SEK halts 2-day losing streak, good to buy on dips
The Swedish Krona declined, hovering away from a 2-1/2 week peak recorded earlier in the week despite better-than-expected industrial production and new order figures. Sweden's industrial production rose 0.1 percent year…
The Swedish Krona declined, hovering away from a 2-1/2 week peak recorded earlier in the week despite better-than-expected industrial production and new order figures.
Sweden's industrial production rose 0.1 percent year-on-year in January, recovering from a 1.6 percent decline in the previous month, while on a monthly basis it increased 1.50 percent in January.
Separate data showed total orders to industry increased 2.2 percent year-on-year in January, following a 4.7 percent fall in the previous month and against market expectations of a 0.8 percent decline.
EUR/SEK trades 0.4 percent up at 10.5785, having hit a low of 10.4847 on Tuesday, its lowest since February 14.
Technical indicators are bullish: RSI strong at 52, Stochs indicate bullish crossover and MACD supports upside.
Immediate resistance is located at 10.5878, any close above could take it near 10.5994.
On the lower side, support is seen at 10.5317, break below could take it till 10.5242.
Recommendation: Good to buy on dips around 10.5442, with stop loss of 10.5317, and target price at 10.5878.
