EUR/SEK tested daily peaks beyond the 9.5400 handle after Sweden final manufacturing PMI for the month of August came in on the softer side.
- Daily momentum is negative, highlighting the overall bearish bias, price action was rejected at day's high by 9.5439
- Data today showed that Sweden Purchasing Managers Index Manufacturing declined to 53.2 m/m in August from previous 55.2
- Markets focus on Riksbank's meeting this Wednesday, expectations on a potential rate cut remain divided
- Better inflation figures and GDP data in the domestic economy contrasts with the softness seen in other key indicators
- EUR/SEK is currently trading at 9.4996, with immediate resistance at 9.5382 (Daily Kijun) and support at 9.4600 (Daily Low Aug 31)
Resistance Levels:
R1: 9.5382 (Daily Kijun)
R2: 9.5450 (Daily High Sep 1)
R3: 9.5455 (Daily High Aug 28)
R4: 9.6157 (Daily High Aug 27)
Support Levels:
S1: 9.4600 (Daily Low Aug 31)
S2: 9.4520 (Daily Low Aug 28)
S3: 9.4015 (Daily Low Aug 18)
S4: 9.3739 (200-Day MA)
