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FxWirePro: EUR/SEK hovers towards a 3-week trough, dip till 10.7085 likely

  • The Swedish Krona rose, hovering towards a 3-week peak hit in the previous session as investors awaited Riksbank rate decision.
     
  • Sweden's central bank left its key repo rate unchanged at -0.25 percent on September 5th 2019, as widely expected.
     
  • EUR/SEK trades 0.1 percent down at 10.7402, having hit a low of 10.7141 the day before, its lowest since October 1.
     
  • Technical indicators are bearish: RSI weak at 45.25, MACD supports downside and Stochs are at oversold levels.
     
  • Immediate resistance is located at 10.7836 (21-EMA), any close above could take it near 10.8071. 
     
  • On the lower side, support is seen at 10.7205, break below could take it till  10.7085.
     

Recommendation: Good to sell on rallies around 10.7430, with stop loss of 10.7705, and target price at 10.7085.

By Lactus Fernandes
  • Market Data
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