- The Swedish Krona rebounded from a 2-1/2 month low following better-than-expected manufacturing PMI figures.
- Sweden's Swedbank Manufacturing PMI increased to 51.5 in January from an upwardly revised 47.7 in December 2019.
- EUR/SEK trades 0.05 percent down at 10.6630, having hit a high of 10.6900 on Friday, its highest since November 21.
- Technical indicators are bullish: RSI strong at 68.19, Stochs are biased higher and MACD supports upside.
- Immediate resistance is located at 10.6990, any close above could take it near 10.7025.
- On the lower side, support is seen at 10.6427 (200-DMA), break below could take it till 10.6136 (5-DMA)
Recommendation: Good to sell on rallies around 10.6640, with stop loss of 10.6690 and target price at 10.6427.
