FxWirePro: EUR/SEK near 1-week peak, intraday bias bullish
The Swedish Krona plunged to a near 1-week low, despite upbeat industrial inventories data. Sweden's industrial inventories increased by SEK 3.3 billion in the last quarter of 2019, following a downwardly revised SEK 5.5…
The Swedish Krona plunged to a near 1-week low, despite upbeat industrial inventories data.
Sweden's industrial inventories increased by SEK 3.3 billion in the last quarter of 2019, following a downwardly revised SEK 5.5 billion in the previous period.
Last week, the Swedish currency rose to a near 6-week high on Riksbank's monetary policy decision.
EUR/SEK trades 0.1 percent up at 10.5414, having hit a low of 10.4741 on Wednesday, its lowest since January 3.
Technical indicators are bullish on hourly charts: RSI strong at 62, MACD supports upside and Stochs are at overbought levels.
Immediate resistance is located at 10.5474 (10-DMA), any close above could take it near 10.5580 (55-EMA).
On the lower side, support is seen at 10.5085 (5-DMA), break below could take it till 10.5005.
Recommendation: Good to buy on dips around 10.5320, with stop loss of 10.5145 and target price at 10.5580.
