FxWirePro: EUR/SEK retreats from near 1-week peak, likely to break below 7-EMA
Tuesday, March 31, 2020 12:34 PM UTC
- The Swedish Krona nudged up as the euro eased after data showed Eurozone inflation slowed to its weakest pace in five months driven by a collapse in global oil prices.
- Eurozone's consumer prices rose 0.5 percent in March against February for a 0.7 percent year-on-year gain, decelerating from 1.2 percent annual growth in February.
- EUR/SEK trades 0.1 percent down at 11.0481, having hit a low of 10.8608 on Wednesday, its lowest since March 18.
- Immediate resistance is located at 11.1088, any close above could take it near 11.1415.
- On the lower side, support is seen at 11.0244 (10-DMA), break below could take it till 11.0062 (7-EMA).