EUR/SEK Flirting With Highs Near 9.2800

EUR/SEK Flirting With Highs Near 9.2800

27 May 2016, 11:49
Roberto Jacobs

EUR/SEK Flirting With Highs Near 9.2800

The Swedish krona is depreciating further vs. the euro today, with EUR/SEK now advancing to daily highs near 9.2800 the figure.

EUR/SEK higher post-data

The cross has gathered further pace after Retail Sales in the Nordic economy have disappointed expectations during April, coming in flat inter-month and expanding 1.7% over the last twelve months. Further data saw Household Lending Growth has expanded 7.7% on a year to April, a tad higher than March’s 7.5% gain.

EUR/SEK is advancing for the second session in a row so far, extending the bounce off multi-week lows near 9.23 recorded on Wednesday backed by poor results in the Swedish economy as of late, easing at the same time concerns over the potential appreciation of the krona.

EUR/SEK levels to consider

As of writing the cross is up 0.02% at 9.2747 and a break above 9.2970 (20-day sma) would aim for 9.2999 (100-day sma) and then 9.3181 (200-day sma). On the other hand, the next support lines up at 9.2357 (low May 25) followed by 9.1991 (low Mar.17) and finally 9.1810 (low Mar.10).


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