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FxWirePro: EUR/SEK tumbles to 7-1/2 month trough; minor recovery likely 

  • The Swedish Krona advanced to a fresh 7-1/2 month peak as investors continued to digest yesterday's better-than-expected inflation figures.
     
  • However, a rally in the euro ahead of the ECB policy meeting limited the upside in the Swedish currency.
     
  • EUR/SEK trades 0.1 percent up at 10.4591, having hit a low of 10.4371 earlier, its lowest since mid-April.
     
  • Technical indicators are turning bullish: RSI point north and Stochs likely to roll over from overbought levels.
     
  • Immediate resistance is located at 10.4880, any close above could take it near 10.5096.
     
  • On the lower side, support is seen at 10.4273, break below could take it till 10.4076.
     

Recommendation: Good to buy on dips around 10.4502, with stop loss of 10.4273 and target price at 10.4880. 

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