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FxWirePro: Swedish Krona rebounds from 2-week lows on better-than-expected unemployment figures

  • The Swedish Krona rose, hovering away from a near 2-week low following better-than-expected unemployment report.
     
  • Sweden’s unemployment rate decreased to 6.0 percent in October from previous month's reading of 7.1 percent and below estimates of 6.7 percent.
     
  • EUR/SEK trades 0.1 percent down at 10.6923, having hit a high of 10.7488 the day before, its highest since November 1.
     
  • Technical indicators are bearish: RSI weak at 45.17, Stochs are biased lower and MACD supports downside.
     
  • Immediate resistance is located at 10.7352, any close above could take it near 10.7592. 
     
  • On the lower side, support is seen at 10.6828 (5-DMA), break below could take it till  10.6599.

Recommendation: Good to buy on dips around 10.7060, with stop loss of 10.7171, and target price at 10.6828. 

By Lactus Fernandes
  • Market Data
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