FxWirePro: EUR/SEK steadies near 2-week peak, good to buy on dips
The Swedish Krona tumbled, hovering towards a 1-1/2 week low hit in the previous session as investors cautiously awaited inflation data due tomorrow. Sweden's annual inflation rate rose to 1.5 percent in September, follo…
The Swedish Krona tumbled, hovering towards a 1-1/2 week low hit in the previous session as investors cautiously awaited inflation data due tomorrow.
Sweden's annual inflation rate rose to 1.5 percent in September, following a 1.4 percent in the previous month and slightly above expectations of a 1.3 percent.
October's annual inflation reading is expected to show the economy expanded to 1.8 percent from 1.5 percent.
On Monday, the pair rallied as high as 10.7212 but found strong resistance at 21-EMA.
EUR/SEK trades 0.1 percent up at 10.7042, having hit a high of 10.7212 the day before, its highest since November 1.
Technical indicators are bullish on hourly charts: Stochs are biased higher and RSI supports upside.
Immediate resistance is located at 10.7231 (55-EMA), any close above could take it near 10.7361 (21-DMA).
On the lower side, support is seen at 10.6851 (5-DMA), break below could take it till 10.6675 (5-DMA).
Recommendation: Good to buy on dips around 10.7000, with stop loss of 10.6851 and target price at 10.7361
