FxWirePro: Swedish Krona declines as European coronavirus cases increase
The Swedish Krona eased, drifting closer to an over 2-week trough hit last week as investors digested soft economic data. Moreover, markets remain gripped by the latest coronavirus outbreak developments; Italy has 152 ca…
The Swedish Krona eased, drifting closer to an over 2-week trough hit last week as investors digested soft economic data.
Moreover, markets remain gripped by the latest coronavirus outbreak developments; Italy has 152 cases and 3 deaths, the highest number of confirmed cases in Europe.
EUR/SEK trades 0.6 percent up at 10.5927, having hit a high of 10.6125 on Thursday, its highest since February 4.
Technical indicators are bullish: RSI strong at 55, MACD supports upside and Stochs are biased higher.
Immediate resistance is located at 10.5980, any close above could take it near 10.6030.
On the lower side, support is seen at 10.5556 (55-EMA), break below could take it till 10.5461 (21-EMA).
Recommendation: Good to buy on dips around 10.5692, with stop loss of 10.5556 and target price at 10.5980.
