FxWirePro: EUR/SEK off multi-year peak as Swedish manufacturing PMI rises
The Swedish Krona rose against the euro, extending previous session gains following the better-than-expected Manufacturing PMI. Sweden's Swedbank Manufacturing PMI increased to 52.4 in July from a downwardly revised 51.9…
The Swedish Krona rose against the euro, extending previous session gains following the better-than-expected Manufacturing PMI.
Sweden's Swedbank Manufacturing PMI increased to 52.4 in July from a downwardly revised 51.9 in the previous month, beating market expectations of 50.5.
EUR/SEK trades 0.3 percent down at 10.7552, having hit a high of 10.8554 on Friday, its highest since Jan. 2009.
Technical indicator support downside - Stochs are biased lower.
Immediate resistance is located at 10.8143 (Aug. 29 High), break above could take it near 10.8554.
On the lower side, support is seen at 10.7368 (10-DMA), any break below could take it till 10.7170 (20-EMA).
Minor trend reversal below 10.6867 (trendline joining 10.6019 and 10.6420)
Recommendation: Good to sell on rallies around 10.7780, with stop loss of 10.8143, target price at 10.7170.
