FxWirePro: EUR/SEK breaks below 21-EMA, likely to continue bearish momentum
Tuesday, April 7, 2020 12:32 PM UTC
- The Swedish Krona rose, extending previous session gains.
- Sweden's central bank stated that it will extend its loan programme to individual companies, in a bid to reach businesses affected by the coronavirus outbreak.
- EUR/SEK trades 0.4 percent down at 10.8775, having hit a high of 11.0327 on Monday, its highest since March 31.
- The pair breached major support level 21-EMA and is likely to continue bearish momentum.
- Immediate resistance is located at 10.9417 (21-DMA), any close above could take it near 10.9574.
- On the lower side, support is seen at 10.8505, break below could take it till 10.8452.