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FxWirePro: EUR/SEK breaks above 55-EMA, jump till 10.7592.likely

  • The Swedish Krona plunged to a near 3-week low despite upbeat capacity utilization data.
     
  • Sweden's industries operated at 91.4 percent of their production capacity in Q3, up from an upwardly revised 90.9 percent in Q2, it's highest since series began in Q1 1990. 
     
  • The pair broke above major resistance 55-EMA and is trading above the 10.7400 level
     
  • EUR/SEK trades 0.7 percent up at 10.7422, having hit a high of 10.7516 earlier, its highest since November 1.
     
  • Technical indicators are bullish: RSI strong at 54.91, Stochs are biased higher and MACD supports upside.
     
  • Immediate resistance is located at 10.7592, any close above could take it near 10.7847. 
     
  • On the lower side, support is seen at 10.6454, break below could take it till 10.6314 (200-DMA).

Recommendation: Good to buy on dips around 10.6713, with stop loss of 10.6454 and target price at 10.7592.

By Lactus Fernandes
  • Market Data
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