FxWirePro: EUR/SEK rallies following soft Swedish inflation, faces resistance at 21-DMA
The Swedish Krona eased, extending losses for the third straight session as coronavirus death toll reached 1,000 in Sweden. Moreover, the selling pressure around the Swedish currency intensified after data showed the ann…
The Swedish Krona eased, extending losses for the third straight session as coronavirus death toll reached 1,000 in Sweden.
Moreover, the selling pressure around the Swedish currency intensified after data showed the annual inflation rate fell to 0.6 percent in March from 1 percent in the previous month, the lowest since May 2016.
On a monthly basis, consumer prices fell 0.2 percent, after a 0.5 percent gain in February and compared to forecasts of a 0.3 percent fall.
The pair rose as high as 10.9649 on Tuesday but found strong resistance at 21-DMA to close flat at 10.9063.
EUR/SEK trades 0.2 percent up at 10.9566, having hit a low of 10.8452 on Friday, its lowest since March 17.
Immediate resistance is located at 10.9675 (21-DMA), any close above could take it near 10.9851.
On the lower side, support is seen at 10.8660, break below could take it till 10.8452.
