Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/SEK consolidates above 11.000, likely to resume weakness

  • 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).
  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.