FxWirePro: EUR/SEK rallies on soft Swedish employment data, good to buy on dips
The Swedish Krona declined to a 1-week low following the release of soft unemployment data. Sweden’s unemployment rate increased to 7.1 percent in September from 6.0 percent in the same month of the previous year and abo…
The Swedish Krona declined to a 1-week low following the release of soft unemployment data.
Sweden’s unemployment rate increased to 7.1 percent in September from 6.0 percent in the same month of the previous year and above market expectations of 6.7 percent.
EUR/SEK trades 0.3 percent up at 10.8426, having hit a high of 10.8827 earlier, its highest since October 10.
Technical indicators are bullish: RSI strong at 59.64 and Stochs indicate a bullish crossover.
Immediate resistance is located at 10.8971, any close above could take it near 10.9260.
On the lower side, support is seen at 10.7882 (21-EMA), break below could take it till 10.7799/ 10.7739.
Recommendation: Good to buy on dips around 10.8282, with stop loss of 10.8060, and target price at 10.8971.
