EUR/SEK tumbles to lows near 10.2500

The cross drops to multi-day lows near 10.2500.
Sweden Consumer Confidence drops to 97.5 this month.

Pablo Piovano FXStreet

The Swedish Krona is extending its upbeat tone so far today and is now dragging EUR/SEK to fresh lows in the boundaries of the 10.2500 handle.

EUR/SEK offered after data, looks to GDP

SEK is advancing for the fourth consecutive session on Wednesday, forcing the cross to recede to the area of 10.25, or fresh multi-session lows.

Earlier in the day Swedish Consumer Confidence came in below estimates at 97.5 for the current month while Manufacturing Confidence ticked higher to 116.2 for the same period.

In addition, Retail Sales in the Scandinavian economy unexpectedly contracted 1.1% MoM in October and 0.1% from a year earlier.

Looking ahead, SEK should remain vigilant on GDP figures for the July-September period to be published on Thursday, while domestic politics should also play its part on the currency’s price action in the next weeks along with the expected rate hike by the Riksbank at the December meeting.

EUR/SEK levels to consider

As of writing the cross is losing 0.28% at 10.2545 facing the next support at 10.2080 (monthly low Nov.13) seconded by 10.2273 (monthly low Jul.30) and then 10.2103 (monthly low Jul.5). On the upside, a break above 10.3342 (200-day SMA) would expose 10.3496 (low Nov.21) and then 10.3879 (100-day SMA).

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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