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5 May 2015
EUR/SEK drops to lows at 9.2900
FXStreet (Edinburgh) - The Swedish krona is now appreciating further vs. its European peer on Tuesday, sending EUR/SEK to lows around 9.2900.
EUR/SEK weaker on EUR, data
The krona is picking up pace after Industrial Production in Sweden expanded at a monthly pace of 0.8% and 0.3% on a year to March, leaving behind February’s contraction of 0.1% and 3.9%, respectively. Further data saw New Orders Manufacturing rising at an annual pace of 1.4%, up from -3.1%.
The softer tone in the euro is also collaborating with the downside, taking the cross to 3-day lows and trading below the 9.30 threshold, considered a critical level by the Riksbank.
EUR/SEK levels to consider
As of writing the cross is losing 0.27% at 9.3065 with the immediate support at 9.2410 (low Apr.29) followed by 9.2250 (low Apr.16) and finally 9.1310 (low Mar.16). On the flip side, a break above 9.3710 (high Apr.29) would open the door to 9.3860 (100-d MA) and then 9.3940 (high Apr.23).
EUR/SEK weaker on EUR, data
The krona is picking up pace after Industrial Production in Sweden expanded at a monthly pace of 0.8% and 0.3% on a year to March, leaving behind February’s contraction of 0.1% and 3.9%, respectively. Further data saw New Orders Manufacturing rising at an annual pace of 1.4%, up from -3.1%.
The softer tone in the euro is also collaborating with the downside, taking the cross to 3-day lows and trading below the 9.30 threshold, considered a critical level by the Riksbank.
EUR/SEK levels to consider
As of writing the cross is losing 0.27% at 9.3065 with the immediate support at 9.2410 (low Apr.29) followed by 9.2250 (low Apr.16) and finally 9.1310 (low Mar.16). On the flip side, a break above 9.3710 (high Apr.29) would open the door to 9.3860 (100-d MA) and then 9.3940 (high Apr.23).