FxWirePro: Swedish Krona near 1-month trough on downbeat manufacturing PMI
The Swedish Krona plunged to a near 1-month low following the release of worse-than-expected Swedbank's Manufacturing PMI. Sweden's Swedbank Manufacturing PMI declined to 46.3 in September from a downwardly revised 51.8 …
The Swedish Krona plunged to a near 1-month low following the release of worse-than-expected Swedbank's Manufacturing PMI.
Sweden's Swedbank Manufacturing PMI declined to 46.3 in September from a downwardly revised 51.8 in the previous month, and below expectations of 50.5.
The pair breached major resistance at 10.7752 and is currently trading above the 10.7800 level
EUR/SEK trades 0.6 percent up at 10.7813, having hit a high of 10.7893 earlier, its highest since September 3.
Technical indicators support upside: RSI strong at 61.47, MACD show uptrend and Stochs are at overbought levels.
Immediate resistance is located at 10.8025/ 10.8143, any violation above could take it near 10.8554.
Minor trend reversal on close above 10.8000 level.
On the lower side, support is seen at 10.6862 (21-EMA), break below could take it till 10.6730 (55-EMA).
Recommendation: Good to buy on dips around 10.7205, with stop loss of 10.7018 and target price at 10.8025.
