FxWirePro: EUR/SEK rallies towards 11.400, intraday bias bullish
The Swedish Krona tumbled to fresh 11-year trough, as major central banks efforts to calm financial markets were less effective than many policymakers desired. EUR/SEK trades 0.2 percent up at 11.1783, having hit a high …
The Swedish Krona tumbled to fresh 11-year trough, as major central banks efforts to calm financial markets were less effective than many policymakers desired.
EUR/SEK trades 0.2 percent up at 11.1783, having hit a high of 11.3520 earlier, its highest since March 2009.
Technical indicators are bullish: RSI strong at 74, MACD supports upside and Stochs are at overbought levels.
Immediate resistance is located at 11.3788, any close above could take it near 11.4075.
On the lower side, support is seen at 11.1018, break below could take it till 11.0169 (38.2% Fib).
Recommendation: Good to buy on dips around 11.1620, with stop loss of 11.1484 and target price at 11.3788.
