FxWirePro: EUR/SEK recovers from 2-week trough but fails to sustain gains above 11.000
The Swedish Krona eased after rising to a 2-week peak in the previous session. On Tuesday, the pair fell below 7-EMA as the euro plunged after data showed Eurozone inflation slowed to its weakest pace in five months driv…
The Swedish Krona eased after rising to a 2-week peak in the previous session.
On Tuesday, the pair fell below 7-EMA as the euro plunged after data showed Eurozone inflation slowed to its weakest pace in five months driven by a collapse in global oil prices.
EURSEK fell as low as 10.8509 in the prior session but retraced to close 1.4 percent down at 10.9064.
The pair attempted a minor recovery in todays session as the Swedish currency weakened after data showed Sweden's Manufacturing declined for the month of March.
Sweden's Swedbank Manufacturing PMI plunged to 43.2 in March from a downwardly revised 52.7 in the previous month, pointing to the first contraction in the sector since December last year and the steepest since April 2009.
EUR/SEK trades 0.3 percent up at 10.9367, having hit a low of 10.8509 on Tuesday, its lowest since March 17.
Immediate resistance is located at 10.9812, any close above could take it near 11.0282 (10-DMA).
On the lower side, support is seen at 10.8452, break below could take it till 10.8165.
