FxWirePro: EUR/SEK consolidates above 11.000, likely to resume weakness
Tuesday, March 24, 2020 12:22 PM UTC
- The Swedish Krona consolidated within narrow ranges as the euro trimmed gains on weak PMI's.
- Eurozone business activity slumped, with IHS Markit’s eurozone composite flash PMI plummeting to a record low of 31.4 from February’s 51.6, well below the 50 level that signals growth.
- The pair is likely to extend the bearish run for the fourth straight session.
- EUR/SEK trades 0.05 percent down at 11.0801, having hit a high of 11.3520 on Thursday, its highest since March 2009.
- 10-DMA continues to act as major support.
- Immediate resistance is located at 11.1417, any close above could take it near 11.1990.
- On the lower side, support is seen at 10.9349 (10-EMA), break below could take it till 10.9061 (50% Fib).