FxWirePro: EUR/SEK rebounds from near 7-week trough, finds strong support at 200-DMA
Wednesday, April 29, 2020 12:00 PM UTC
- The Swedish Krona retreated from a near 7-week peak as the euro rallied on upbeat economic data.
- Data from the European Central Bank showed lending to eurozone companies surged in March as firms rushed for emergency funding amid the continent’s coronavirus-related lockdown.
- The annual growth rate of the M3 measure of money supply accelerated to 7.5 percent from 5.5 percent.
- On Tuesday, the Swedish currency rallied by more than 1 percent after its central bank held interest rates steady and maintained stimulus measures to support an economy battered by the coronavirus pandemic.
- However, the pair found strong support at 200-DMA.
- EUR/SEK trades 0.3 percent up at 10.7527, having hit a low of 10.7505 earlier, its lowest since March 13.
- Immediate resistance is located at 10.7655, any close above could take it near 10.7798.
- On the lower side, support is seen at 10.6659, break below could take it till 10.6502.