FxWirePro: Swedish Krona tumbles on worse-than-expected unemployment rate

• The Swedish Krona slumped to a 1-week trough following the release of the worse-than-exected unemployment rate.
   
• Sweden's unemployment rate increased to 7.5 percent in January from 6.5 percent in the same month of the previous year, its highest since March of 2019. 
   
• On Monday, the pair closed 0.3 percent lower at 10.4886 following Sweden's upbeat industrial inventories data.
   
• EUR/SEK trades 0.6 percent up at 10.5550, having hit a high of 10.5631 earlier, its highest since February 10.
   
• Technical indicators are bullish: RSI strong at 51 and Stochs are biased higher.
   
• Immediate resistance is located at 10.5680, any close above could take it near 10.5743.
   
• On the lower side, support is seen at 10.4840, break below could take it till 10.4741.

Recommendation: Good to buy on dips around 10.4979, with stop loss of 10.4840 and target price at 10.5680.