FxWirePro: Swedish krona appreciates sharply after CPI data

• EUR/SEK is currently trading around 9.7485 levels.
   
• It made intraday high at 9.7999 and low at 9.7440 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 9.8010 mark.
   
• A sustained close above 9.8010 tests key resistances around 9.8295, 9.8346 and 9.8555 marks respectively.
   
• Alternatively, a daily close below 9.8010 will tests key supports at 9.7402, 9.7364, 9.7096, 9.6774 and 9.6543 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• Swedish May CPIF +0.1 pct month/month vs forecast 0.0 pct in poll.


• Swedish May CPIF +1.9 pct year/year vs forecast +1.8 pct in poll.
   
• Swedish May CPI +1.7 pct year/year vs forecast +1.7 pct in poll.
   
• Swedish May CPI +0.1 pct month/month vs forecast 0.0 pct in poll.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.