FxWirePro: Swedish Krona retreats from 4-month peak on mixed economic data
The Swedish Krona retreated from a 4-month peak hit in the previous session following mixed economic data. Sweden's consumer confidence indicator declined to 91.9 in November from 92.7 in the previous month, pointing to …
The Swedish Krona retreated from a 4-month peak hit in the previous session following mixed economic data.
Sweden's consumer confidence indicator declined to 91.9 in November from 92.7 in the previous month, pointing to a weak sentiment among households. However, total industry confidence indicator rose to 96.9 in November from a revised 94.5 in the previous month,
Separate data showed, the country's retail sales increased 0.20 percent in October, but below the previous month's reading of 0.5 percent and expectations of 0.4 percent.
EUR/SEK trades 0.3 percent up at 10.5550, having hit a low of 10.5256 on Wednesday, its lowest since July 26.
Technical indicators are bullish on hourly charts: RSI strong at 59.64, Stochs are biased higher and MACD supports upside.
Immediate resistance is located at 10.5713, any close above could take it near 10.5847.
On the lower side, support is seen at 10.5171, break below could take it till 10.5108.
Recommendation: Good to buy on dips around 10.5362, with stop loss of 10.5171, and target price at 10.5713.
