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FxWirePro: EUR/SEK steadies near 2-week peak, good to buy on dips 

  • The Swedish Krona tumbled, hovering towards a 1-1/2 week low hit in the previous session as investors cautiously awaited inflation data due tomorrow.
     
  • Sweden's annual inflation rate rose to 1.5 percent in September, following a 1.4 percent in the previous month and slightly above expectations of a 1.3 percent. 
     
  • October's annual inflation reading is expected to show the economy expanded to 1.8 percent from 1.5 percent. 
     
  • On Monday, the pair rallied as high as 10.7212 but found strong resistance at 21-EMA.
     
  • EUR/SEK trades 0.1 percent up at 10.7042, having hit a high of 10.7212 the day before, its highest since November 1.
     
  • Technical indicators are bullish on hourly charts: Stochs are biased higher and RSI supports upside.
     
  • Immediate resistance is located at 10.7231 (55-EMA), any close above could take it near 10.7361 (21-DMA). 
     
  • On the lower side, support is seen at 10.6851 (5-DMA), break below could take it till  10.6675 (5-DMA).
     

Recommendation: Good to buy on dips around 10.7000, with stop loss of 10.6851 and target price at 10.7361 

By Lactus Fernandes
  • Market Data
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