- The Swedish Krona slumped to a fresh 1-month low following worse-than-expected Sweden's service PMI.
- Sweden's Services PMI declined to a seasonally adjusted 49.8 in September from an upwardly revised 54.2 in the previous month and below the forecast of 54.4 rise.
- The pair broke above the 10.8373 level and is drifting closer towards all-time peak 10.8554 hit in August.
- EUR/SEK trades 0.2 percent up at 10.8313, having hit a high of 10.8459 earlier, its highest since August 19.
- Technical indicators support upside: RSI strong at 65.95, MACD show uptrend and Stochs are at overbought levels.
- Immediate resisatance is located at 10.8554, any close above could take it near 10.8790.
- On the lower side, support is seen at 10.7799, break below could take it till 10.7389 (7-EMA).
Recommendation: Good to buy on dips around 10.8128, with stop loss of 10.7799, and target price at 10.8660.
