FxWirePro: EUR/SEK slumps to lows at 9.3756 on positive Sweden data

Upbeat Sweden data put a lot of pressure on SEK shorts, traders widely positioned short SEK in response to relentless dovish C.Bank chat.

• Swedish GDP was revised up to 3.3% y/y, while unemployment rate fell to 6.4% from 6.8%
• EUR/SEK slumped to session lows at 9.3756, but pared some losses and edged higher to currently trade at 9.3941
• A close below 100/200-DMAs at 9.3745/97 could lead to significant position adjustment, cloud base at 9.3658 seen as a strong support zone
• Immediate support is seen at 9.3790 (200-Day MA) and resistance is located at 9.4360 (55-Day MA)
   

Resistance Levels:

R1: 9.4360 (55-Day MA)
R2: 9.4560 (Daily High Sep 7)
R3: 9.4800 (Daily High Sep 3)

Support levels:

S1: 9.3790 (200-Day MA)
S2: 9.3745 (100-Day MA)
S3: 9.3658 (Daily Cloud Base)