During yesterday’s trading session EUR/SEK traded within the range of 9.2121-9.2499 and closed at 9.2323, adding 0.09% on a daily basis.
At 6:36 GMT today EUR/SEK was gaining 0.19% for the day to trade at 9.2472. The pair touched a daily high at 9.2535 at 5:45 GMT, breaching the first key daily resistance level.
Fundamental view
Sweden
Sweden’s annualized industrial production probably contracted 0.7% in June, according to the median forecast by experts, following a 2.2% drop in the prior month. In monthly terms, nation’s industrial production index probably rose 1.5% in June. The index reflects the change in overall inflation-adjusted value of output in sectors such as manufacturing, mining, energetics and utilities. In case industrial output expanded more than anticipated, this would have a bullish effect on the krone. The official report is to be released at 7:30 GMT.
Technical view
According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 9.2311. In case EUR/SEK manages to breach the first resistance level at 9.2508, it will probably continue up to test 9.2689. In case the second key resistance is broken, the pair will probably attempt to advance to 9.2886.
If EUR/SEK manages to breach the first key support at 9.2127, it will probably continue to slide and test 9.1936. With this second key support broken, the movement to the downside will probably continue to 9.1752.
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