- The Swedish Krona eased, drifting closer to an over 2-week trough hit last week as investors digested soft economic data.
- Moreover, markets remain gripped by the latest coronavirus outbreak developments; Italy has 152 cases and 3 deaths, the highest number of confirmed cases in Europe.
- EUR/SEK trades 0.6 percent up at 10.5927, having hit a high of 10.6125 on Thursday, its highest since February 4.
- Technical indicators are bullish: RSI strong at 55, MACD supports upside and Stochs are biased higher.
- Immediate resistance is located at 10.5980, any close above could take it near 10.6030.
- On the lower side, support is seen at 10.5556 (55-EMA), break below could take it till 10.5461 (21-EMA).
Recommendation: Good to buy on dips around 10.5692, with stop loss of 10.5556 and target price at 10.5980.