FxWirePro: Swedish krona falls sharply after lower than expected CPI data
EUR/SEK is currently trading around 9.3308 levels. It made intraday high at 9.3431 and low at 9.2891 levels. Intraday bias remains bearish till the time pair holds key resistance at 9.3571 marks. A daily close below 9.29…
EUR/SEK is currently trading around 9.3308 levels.
It made intraday high at 9.3431 and low at 9.2891 levels.
Intraday bias remains bearish till the time pair holds key resistance at 9.3571 marks.
A daily close below 9.29 will take the parity down towards key supports at 9.2749 and 9.2391 marks respectively.
On the other side, a daily close above 9.3571 is required to take the parity higher towards key resistance at 9.3642/ 9.3894/ 9.3928 marks.
On the top side, key resistances are seen at 9.3781(May 19, 2016 high), 9.3967, 9.4102, 9.4682 (high of February 08, 2016) and 9.4942 marks.
Today Sweden released CPI data with negative numbers to 0.6% y/y vs 0.8% y/y previous release. In addition, Sweden’s CPIF falls to 1.1% y/y vs 1.4% y/y previous release.
We prefer to take long position in EUR/SEK around 9.33, stop loss 9.3039 and target of 9.3638 marks.
