FXWIREPRO: Swedish Krona Falls After Lower Than expected Industrial Production Data

FXWIREPRO: Swedish Krona Falls After Lower Than expected Industrial Production Data

5 April 2016, 10:52
Roberto Jacobs
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FXWIREPRO: Swedish Krona Falls After Lower Than expected Industrial Production Data

  • EUR/SEK is currently trading around 9.2607 levels. 
  • It made intraday high at 9.2671 and low at 9.2450 levels. 
  • Today Sweden released industrial production data with negative numbers at 0.1% m/m vs 0.2% previous release. 
  • In addition, Industrial orders falls to 2.0% vs 4.3% previous release. 
  • Pair fails to break key resistance at 9.2676 and supported above 9.2600 marks. 
  • Intraday bias remains bearish for the moment. 
  • On the top side key resistances are seen at 9.2718, 9.2774, 9.2871 and 9.3082 marks. 
  • A daily close below 9.2129 will drag the parity down towards key supports at 9.2050/9.1471 marks. 
  • Important to note here that 20D, 30D and 55D EMA heads down and signals bearish trend.

We prefer to take short position in EUR/SEK around 9.2650, stop loss 9.2750 and target 9.2050 marks.

The material has been provided by InstaForex Company - www.instaforex.com

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