FxWirePro: Swedish Krona rallies to 1-1/2 week peak on better than expected service PMI
The Swedish Krona surged to a 1-1/2 week peak following better than expected service PMI. Sweden's Services PMI increased to a seasonally adjusted 52.5 in January from an upwardly revised 49.1 in the previous month, poin…
The Swedish Krona surged to a 1-1/2 week peak following better than expected service PMI.
Sweden's Services PMI increased to a seasonally adjusted 52.5 in January from an upwardly revised 49.1 in the previous month, pointing to the first of expansion in service sector since August last year.
EUR/SEK trades 0.3 percent down at 10.5570, having hit a low of 10.5434 earlier, its lowest since January 24.
Technical indicators are bearish: RSI weak at 49.02 and Stochs are biased lower.
Immediate resistance is located at 10.6128 (7-EMA), any close above could take it near 10.6276 (5-EMA).
On the lower side, support is seen at 10.5343, break below could take it till 10.5242.
Recommendation: Good to sell on rallies around 10.5875, with stop loss of 10.6128 and target price at 10.5343.
