- 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.