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FxWirePro: EUR/SEK rallies on soft Swedish employment data, good to buy on dips

  • The Swedish Krona declined to a 1-week low following the release of soft unemployment data. 
     
  • Sweden’s unemployment rate increased to 7.1 percent in September from 6.0 percent in the same month of the previous year and above market expectations of 6.7 percent. 
     
  • EUR/SEK trades 0.3 percent up at 10.8426, having hit a high of 10.8827 earlier, its highest since October 10.
     
  • Technical indicators are bullish: RSI strong at 59.64 and Stochs indicate a bullish crossover. 
     
  • Immediate resistance is located at 10.8971, any close above could take it near 10.9260. 
     
  • On the lower side, support is seen at 10.7882 (21-EMA), break below could take it till  10.7799/ 10.7739.

Recommendation: Good to buy on dips around 10.8282, with stop loss of 10.8060, and target price at 10.8971.

By Lactus Fernandes
  • Market Data
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