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

Pablo Piovano FXStreet

Jens Pedersen, Senior Analyst at Danske Bank, suggested occasional up moves in the cross are seen as selling opportunities for the time being.

Key Quotes

“Yesterday, EUR/SEK breached below the technically important 200-day moving average at 10.308, which opens the way for the next support level at 10.2275”.

“We have previously alluded to a couple of potentially SEK-negative events that could materialise before the 20 December Riksbank decision, such as the risk of a new election and the seasonal pattern for EUR/SEK going into year-end”.

“We maintain that the cross is a sell on rallies towards 10.40/50 with a 10.20 target as we approach the Riksbank rate hike that is due in December”.

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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