FxWirePro: EUR/SEK rallies on Swedish downbeat economic data, good to buy on dips

• The Swedish Krona plunged, hovering towards to an over 2-week trough hit in the prior session following the release of soft capacity utilization data.
   
• Sweden's capacity utilization eased 2.1 percent in the fourth quarter of 2019 after rising 0.5 percent in the prior quarter.
   
• Moreover, data released earlier in the week showing worse-than-exected inflation rate continued to weigh on the Swedish currency. 
   
• However, investors cheered on Riskbank's Monetary Policy Meeting Minutes, which showed policymakers optimistic over the economy's outlook. 
   
• EUR/SEK trades 0.3 percent up at 10.6002, having hit a high of 10.6125 on Thursday, its highest since February 4.
   
• Technical indicators are bullish: RSI strong at 56, MACD supports upside and Stochs are biased higher.
   
• Immediate resistance is located at 10.6202, any close above could take it near 10.6316 (200-DMA).
   
• On the lower side, support is seen at 10.5690 / 10.5626, break below could take it till 10.5568 (55-EMA).

Recommendation: Good to buy on dips around 10.5770, with stop loss of 10.5690 and target price at 10.6202.