FxWirePro: EUR/SEK near 2-week peak on Sweden's soft inflation figures, jump till 10.7592 likely
The Swedish Krona plunged to a near 2-week low following soft inflation data. Sweden's Consumer Price Index remained flat in October after rising 0.5 percent in September. On an annualized basis, the inflation rate incre…
The Swedish Krona plunged to a near 2-week low following soft inflation data.
Sweden's Consumer Price Index remained flat in October after rising 0.5 percent in September.
On an annualized basis, the inflation rate increased to 1.6 percent in October from 1.5 percent in the previous month, its highest inflation since July.
EUR/SEK trades 0.4 percent up at 10.7362, having hit a high of 10.7373 earlier, its highest since November 1.
Technical indicators are bullish: RSI strong at 51.76, Stochs are biased higher and MACD supports upside.
Immediate resistance is located at 10.7592, any close above could take it near 10.7830.
On the lower side, support is seen at 10.6884 (7-EMA), break below could take it till 10.6712 (5-DMA).
Recommendation: Good to buy on dips around 10.7105, with stop loss of 10.6884 and target price at 10.7592.
