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26 Jan 2015
EUR/SEK hits highs near 9.3500
FXStreet (Edinburgh) - The euro is appreciating vs. the Swedish krona on Monday, lifting EUR/SEK to test session highs around 9.3500.
EUR/SEK supported by 100-d MA
The Nordic cross seems to have found decent support around the 100-day moving average in the 9.3000 area, correcting lower from December’s tops near 9.7400. In the meantime, disinflationary pressures in the Swedish economy remain the main concern for the Riksbank ahead of its February meeting, and with the recent announcement by the ECB likely to increase further inflows to the krona.
Analysts at TD Securities suggest, “we expect to see the rate cut come at the February meeting, as in December it said that it was was preparing further measures that “could be presented with effect from the next monetary policy meeting”.
EUR/SEK levels to consider
The pair is up 0.05% at 9.3498 with the next resistance at 9.4735 (high Jan.19) ahead of 9.4855 (high Jan.16) and then 9.6012 (high Jan.15). On the downside, a break below 9.3015 (low Jan.23) would target 9.2914 (100-d MA) en route to 9.2410 (low Dec.1).
EUR/SEK supported by 100-d MA
The Nordic cross seems to have found decent support around the 100-day moving average in the 9.3000 area, correcting lower from December’s tops near 9.7400. In the meantime, disinflationary pressures in the Swedish economy remain the main concern for the Riksbank ahead of its February meeting, and with the recent announcement by the ECB likely to increase further inflows to the krona.
Analysts at TD Securities suggest, “we expect to see the rate cut come at the February meeting, as in December it said that it was was preparing further measures that “could be presented with effect from the next monetary policy meeting”.
EUR/SEK levels to consider
The pair is up 0.05% at 9.3498 with the next resistance at 9.4735 (high Jan.19) ahead of 9.4855 (high Jan.16) and then 9.6012 (high Jan.15). On the downside, a break below 9.3015 (low Jan.23) would target 9.2914 (100-d MA) en route to 9.2410 (low Dec.1).