EUR/SEK climbs to highs post-data

EUR/SEK climbs to highs post-data

5 April 2016, 10:50
Vasilii Apostolidi
The Swedish krona is losing ground today vs. the single currency, pushing EUR/SEK to the area of session tops near 9.2700.

EUR/SEK stronger on data

SEK gathered further downside pressure after Services PMI in the Nordic economy has come in below expectations during March, while Industrial Production and Industrial new Orders have slowed down the pace during February.

In the meantime, the cross continues to navigate in the lower bound of the 9.50-9.20 range that has prevailed in the last months, while SEK remains closely followed by the Riksbank, against the backdrop of improving risk appetite and solid prospects in the domestic economy.

EUR/SEK levels to consider

As of writing the cross is up 0.05% at 9.2657 and a break above 9.2995 (100-day sma) would aim for 9.3307 (55-day sma) and then 9.3528 (200-day sma). On the other hand, the next support lines up at 9.1991 (low Mar.17) ahead of 9.1810 (low Mar.10) and finally 9.1173 (low Dec.30 2015).

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