FxWirePro: EUR/SEK rebounds from near 7-week trough, finds strong support at 200-DMA
The Swedish Krona retreated from a near 7-week peak as the euro rallied on upbeat economic data. Data from the European Central Bank showed lending to eurozone companies surged in March as firms rushed for emergency fund…
The Swedish Krona retreated from a near 7-week peak as the euro rallied on upbeat economic data.
Data from the European Central Bank showed lending to eurozone companies surged in March as firms rushed for emergency funding amid the continent’s coronavirus-related lockdown.
The annual growth rate of the M3 measure of money supply accelerated to 7.5 percent from 5.5 percent.
On Tuesday, the Swedish currency rallied by more than 1 percent after its central bank held interest rates steady and maintained stimulus measures to support an economy battered by the coronavirus pandemic.
However, the pair found strong support at 200-DMA.
EUR/SEK trades 0.3 percent up at 10.7527, having hit a low of 10.7505 earlier, its lowest since March 13.
Immediate resistance is located at 10.7655, any close above could take it near 10.7798.
On the lower side, support is seen at 10.6659, break below could take it till 10.6502.
