EUR/SEK seen at 10.10 in 1-month – Danske Bank

Pablo Piovano FXStreet

SEK is expected to gather some traction within a month’s view, taking EUR/SEK to the 10.10 area, suggested Valtteri Ahti, Chief Strategist at Danske Bank.

Key Quotes

“We said last week that EUR/SEK above 10.20 was technically prone for a correction given RSI indicating the cross was overbought”.

“Whether the ongoing correction will run further will, not least, be dependent on Wednesday’s Swedish housing and inflation data, where we see the former as potentially SEK positive and the latter as SEK negative”.

“We target EUR/SEK at 10.10 in 1M and 10.20 in 3M”.

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.

EUR/USD appears supported by the 200-day SMA, for now

Following an early pullback to multi-week lows near 1.1670, EUR/USD now manages to reclaim the 1.1700 region as the NA session draws to a close on Monday. The steep retracement in spot follows the equally strong move higher in the US Dollar, as investors continue to assess the geopolitical landscape in the wake of the US and Israel attacks on Iran.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold clings to gains as US-Iran conflict continues to underpin safe-haven assets

Gold retains positive bias for the fifth consecutive day on Tuesday as rising geopolitical tensions in the Middle East continue to underpin safe-haven assets. However, a bullish US Dollar could keep the bullion below its highest level since late January, set on Monday, warranting caution before positioning for any further appreciation.