Forex Market: EUR/SEK daily trading outlook

Yesterday’s trade saw EUR/SEK within the range of 9.1624 – 9.1402. The pair closed at 9.1486, losing 0.10% on a daily basis.

At 6:30 GMT today EUR/SEK was up 0.03% for the day to trade at 9.1542. The pair held in a daily range of 9.1457 – 9.1546, touched at 6:29 GMT.

Fundamental view

Sweden

Due to be published at 7:30 GMT is Swedens Producer Price Index. Released by SCB – Statistics Sweden, PPI measures changes in prices of goods and services either as they leave the production process, or as they enter it. Unlike the CPI, which measures price changes from the consumers perspective, PPI basically gauges the prices received by domestic producers for their output, or the prices paid by domestic producers for their intermediate inputs. Generally speaking, a higher-than-expected reading should be considered as bullish for the Swedish krone, while a worse-than-projected – as bearish.

According to analysts forecasts, producer inflation in Sweden probably accelerated to 2.2% in July on an annual basis, compared to 2.3% during the previous period. On a monthly basis, PPI was down 0.1% in June.

Technical view

According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 9.1504. In case EUR/SEK manages to breach the first resistance level at 9.1606, it will probably continue up to test 9.1726. In case the second key resistance is broken, the pair will probably attempt to advance to 9.1828.

If EUR/SEK manages to breach the first key support at 9.1384, it will probably continue to slide and test 9.1282. With this second key support broken, movement to the downside will probably continue to 9.1162.

The mid-Pivot levels for today are as follows: M1 – 9.1222, M2 – 9.1333, M3 – 9.1444, M4 – 9.1555, M5 – 9.1666, M6 – 9.1777.

In weekly terms, the central pivot point is at 9.1564. The three key resistance levels are as follows: R1 – 9.1791, R2 – 9.2035, R3 – 9.2262. The three key support levels are: S1 – 9.1320, S2 – 9.1093, S3 – 9.0849.