FxWirePro: EUR/SEK slumps to 7-week trough below 200-DMA, dip till 10.6502 likely
The Swedish Krona rallied to a 7-1/2 week peak as the euro declined after data showed the eurozone economy contracted at a record rate as much economic activity in March came to a halt due to COVID-19 pandemic Data relea…
The Swedish Krona rallied to a 7-1/2 week peak as the euro declined after data showed the eurozone economy contracted at a record rate as much economic activity in March came to a halt due to COVID-19 pandemic
Data released earlier showed the eurozone economy contracted at a record rate and by more than expected in the first three months of the year and inflation slowed sharply.
The pair slumped below major support level at 200-DMA and now targets 10.6502.
EUR/SEK trades 0.5 percent down at 10.6519, having hit a low of 10.6511 earlier, its lowest since March 9.
Immediate resistance is located at 10.7375, any close above could take it near 10.7460.
On the lower side, support is seen at 10.6500 / 10.6420, break below could take it till 10.6360.
