FxWirePro: EURSEK surges to 1-month peak on Sweden's worse-than-expected service PMI, jump till 10.8660 likely
The Swedish Krona slumped to a fresh 1-month low following worse-than-expected Sweden's service PMI. Sweden's Services PMI declined to a seasonally adjusted 49.8 in September from an upwardly revised 54.2 in the previous…
The Swedish Krona slumped to a fresh 1-month low following worse-than-expected Sweden's service PMI.
Sweden's Services PMI declined to a seasonally adjusted 49.8 in September from an upwardly revised 54.2 in the previous month and below the forecast of 54.4 rise.
The pair broke above the 10.8373 level and is drifting closer towards all-time peak 10.8554 hit in August.
EUR/SEK trades 0.2 percent up at 10.8313, having hit a high of 10.8459 earlier, its highest since August 19.
Technical indicators support upside: RSI strong at 65.95, MACD show uptrend and Stochs are at overbought levels.
Immediate resisatance is located at 10.8554, any close above could take it near 10.8790.
On the lower side, support is seen at 10.7799, break below could take it till 10.7389 (7-EMA).
Recommendation: Good to buy on dips around 10.8128, with stop loss of 10.7799, and target price at 10.8660.
