FxWirePro: Swedish Krona tumbles on worse-than-expected unemployment rate
The Swedish Krona slumped to a 1-week trough following the release of the worse-than-exected unemployment rate. Sweden's unemployment rate increased to 7.5 percent in January from 6.5 percent in the same month of the pre…
The Swedish Krona slumped to a 1-week trough following the release of the worse-than-exected unemployment rate.
Sweden's unemployment rate increased to 7.5 percent in January from 6.5 percent in the same month of the previous year, its highest since March of 2019.
On Monday, the pair closed 0.3 percent lower at 10.4886 following Sweden's upbeat industrial inventories data.
EUR/SEK trades 0.6 percent up at 10.5550, having hit a high of 10.5631 earlier, its highest since February 10.
Technical indicators are bullish: RSI strong at 51 and Stochs are biased higher.
Immediate resistance is located at 10.5680, any close above could take it near 10.5743.
On the lower side, support is seen at 10.4840, break below could take it till 10.4741.
Recommendation: Good to buy on dips around 10.4979, with stop loss of 10.4840 and target price at 10.5680.
