FxWirePro: EUR/SEK near 1-week peak, likely to test 10.9000
Monday, May 4, 2020 12:48 PM UTC
- The Swedish Krona plunged to a near 1-week low on the back of downbeat economic data and broad-based greenback strength.
- Sweden's Swedbank Manufacturing PMI dropped to 36.7 in April from a downwardly revised 42.6 in the previous month, indicating the steepest contraction in the sector since February 2009.
- Last week, the pair fell to a 7-1/2 week low, breaching major support 200-DMA.
- EUR/SEK trades 0.2 percent up at 10.8138, having hit a low of 10.6339 on Thursday, its lowest since March 9.
- Immediate resistance is located at 10.9004, any close above could take it near 10.9365.
- On the lower side, support is seen at 10.7717, break below could take it till 10.7509.