Forex: EUR/SEK bouncing off lows
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EUR/SEK
FXstreet.com (Barcelona) - The Swedish krona is giving away some ground against the single currency on Monday, after Services PMI in Sweden climbed to 50.3 during October from 47.3 in the previous print. A strong appreciation of SEK followed the result, dragging the cross from levels abve 8.6000 to today's lows in the proximities of 8.5700
It is worth noting that the Riksbank will publish its minutes on Tuesday, after leaving unchanged the repo rate at 1.25% last week, although the central bank has lowered the rate path.
EURSEK is down 0.26% at 8.5826 with the next support at 8.5690 (low Oct.22) ahead of 8.5476 (low Oct.19) en route to the psychological level of 8.5000 and then 8.4910 (low Oct.2).
On the upside, a break above 8.6382 (high Nov.1) would clear the way to 8.7300 (Upper Bollinger) then 8.7520 (high Jul.4) and 8.7746 (high Jul.2).
It is worth noting that the Riksbank will publish its minutes on Tuesday, after leaving unchanged the repo rate at 1.25% last week, although the central bank has lowered the rate path.
EURSEK is down 0.26% at 8.5826 with the next support at 8.5690 (low Oct.22) ahead of 8.5476 (low Oct.19) en route to the psychological level of 8.5000 and then 8.4910 (low Oct.2).
On the upside, a break above 8.6382 (high Nov.1) would clear the way to 8.7300 (Upper Bollinger) then 8.7520 (high Jul.4) and 8.7746 (high Jul.2).
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