FxWirePro: Swedish Krona hovers towards 4-month peak on better-than-expected PPI
The Swedish Krona surged against the euro, hovering towards a 4-month peak hit in the previous session on better-than-expected producer prices. Sweden's producer prices increased 0.90 percent in October over the same mon…
The Swedish Krona surged against the euro, hovering towards a 4-month peak hit in the previous session on better-than-expected producer prices.
Sweden's producer prices increased 0.90 percent in October over the same month in the previous year, while on a monthly basis, it rose 0.4 percent after remaining flat in September.
EUR/SEK trades 0.2 percent down at 10.5944, having hit a low of 10.5508 on Monday, its lowest since July 26.
Technical indicators are bearish: RSI weak at 34.75, Stochs are biased lower and MACD supports downside.
Immediate resistance is located at 10.6348 (200-DMA), any close above could take it near 10.6579 (10-DMA)
On the lower side, support is seen at 10.5646, break below could take it till 10.5510.
Recommendation: Good to sell on rallies around 10.6082, with stop loss of 10.6348 and target price at 10.5646.
