EUR/SEK remains a ‘sell on rallies’ – Danske Bank

Pablo Piovano FXStreet

Senior Analyst at Danske Bank Jens Pedersen recommended selling the cross on occasional upticks.

Key Quotes

“In the Scandies, EUR/SEK and NOK/SEK continued higher last night, probably driven by stops cleared in EUR/SEK around the 9.5730 level”.

“Throughout February, we have argued that the move lower in EUR/SEK fundamentally (and technically) seemed overdone”.

“The dovish Riksbank message at the February meeting, another disappointing inflation print together with the (still) benign wage negotiation outlook are likely to have been the catalysts for the latest correction. Going forward, we remain SEK bulls and look to sell EUR/SEK on rallies".

1. R3 9.5800
2. R2 9.5637
3. R1 9.5553
PP 9.5391
1. S1 9.5306
2. S2 9.5144
3. S3 9.5060

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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