FxWirePro: EUR/SEK off 1-month low on Swedish mix economic data, major resistance at 21-EMA
The Swedish Krona eased after rising to a 1-month peak in the previous session on Riksbank's interest rate decision. On Thursday, Sweden's central bank left its key repo rate unchanged at -0.25 percent, as widely expecte…
The Swedish Krona eased after rising to a 1-month peak in the previous session on Riksbank's interest rate decision.
On Thursday, Sweden's central bank left its key repo rate unchanged at -0.25 percent, as widely expected.
On today's data front, producer prices in Sweden rose 0.3 percent year-on-year in September, easing from a 1.4 percent rise in the previous month.
While, retail sales increased 2.6 percent year-on-year in September, up from a downwardly revised 2.5 percent rise in the prior month and beating forecasts of a 2.5 percent gain.
EUR/SEK trades 0.1 percent up at 10.7374, having hit a low of 10.6497 the day before, its lowest since September 25.
Technical indicators are bullish on hourly charts: RSI strong at 58.85, and MACD supports upside.
Immediate resistance is located at 10.7697 (21-EMA), any close above could take it near 10.7986 (21-DMA).
On the lower side, support is seen at 10.6933, break below could take it till 10.6818.
Recommendation: Good to buy on dips around 10.7173, with stop loss of 10.6933, and target price at 10.7697.
