- 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