- The Swedish Krona declined, hovering away from a 2-1/2 week peak recorded earlier in the week despite better-than-expected industrial production and new order figures.
- Sweden's industrial production rose 0.1 percent year-on-year in January, recovering from a 1.6 percent decline in the previous month, while on a monthly basis it increased 1.50 percent in January.
- Separate data showed total orders to industry increased 2.2 percent year-on-year in January, following a 4.7 percent fall in the previous month and against market expectations of a 0.8 percent decline.
- EUR/SEK trades 0.4 percent up at 10.5785, having hit a low of 10.4847 on Tuesday, its lowest since February 14.
- Technical indicators are bullish: RSI strong at 52, Stochs indicate bullish crossover and MACD supports upside.
- Immediate resistance is located at 10.5878, any close above could take it near 10.5994.
- On the lower side, support is seen at 10.5317, break below could take it till 10.5242.
Recommendation: Good to buy on dips around 10.5442, with stop loss of 10.5317, and target price at 10.5878.
