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FxWirePro: EUR/SEK near 2-week peak on Sweden's soft inflation figures, jump till 10.7592 likely

  • The Swedish Krona plunged to a near 2-week low following soft inflation data.
     
  • Sweden's Consumer Price Index remained flat in October after rising 0.5 percent in September. 
     
  • On an annualized basis, the inflation rate increased to 1.6 percent in October from 1.5 percent in the previous month, its highest inflation since July.
     
  • EUR/SEK trades 0.4 percent up at 10.7362, having hit a high of 10.7373 earlier, its highest since November 1.
     
  • Technical indicators are bullish: RSI strong at 51.76, Stochs are biased higher and MACD supports upside.
     
  • Immediate resistance is located at 10.7592, any close above could take it near 10.7830. 
     
  • On the lower side, support is seen at 10.6884 (7-EMA), break below could take it till  10.6712 (5-DMA).

Recommendation: Good to buy on dips around 10.7105, with stop loss of 10.6884 and target price at 10.7592. 

By Lactus Fernandes
  • Market Data
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