- The Swedish Krona slumped to a fresh 2-week trough as investors digested worse-than-expected inflation rate.
- Sweden's consumer price index decreased 1.40 percent in January of 2020 after posting a rise of 0.4 percent in December, while on an annualized basis, the inflation rate fell to 1.3 percent in January from 1.8 percent in December.
- EUR/SEK trades 0.2 percent up at 10.5877, having hit a high of 10.5992 earlier, its highest since February 5.
- Technical indicators are bullish: RSI strong at 55.50, MACD supports upside and Stochs are biased higher.
- Immediate resistance is located at 10.6069, any close above could take it near 10.6108.
- On the lower side, support is seen at 10.5603, break below could take it till 10.5558.
Recommendation: Good to buy on dips around 10.5707, with stop loss of 10.5603, and target price at 10.6069.