EUR/SEK weak, bounces off lows near 10.3150

The Swedish Krona gives away some gains vs. the shared currency.
The daily decline meets support in the 55-hour SMA at 10.3150.
The Riksbank published its Financial Stability Report.

Pablo Piovano FXStreet

EUR/SEK has returned to the negative territory on Wednesday following three consecutive daily pullbacks.

EUR/SEK finds support near 10.3150

SEK gained further ground on Wednesday after Riksbank’s af Jochnick said the Riksbank remains on track to hike its key rate in December or February.

In its Financial Stability Report published earlier today, the Scandinavian central bank noted the rising household indebtedness poses the greatest risk for the domestic economy.

In addition the FSR noted “there are structural vulnerabilities and risks linked to the banking system in Sweden. It is therefore important that the banks have sufficient capital and insure themselves against liquidity risks in different currencies”.

In the meantime, the cross keeps navigating the area of 2-week peaks around the 200-day SMA in 10.3250 following the rebound from monthly lows in the 10.2000 neighbourhood recorded last week.

EUR/SEK levels to consider

As of writing the cross is losing 0.13% at 10.3283 facing the next support at 10.2839 (10-day SMA) seconded by 10.2080 (low Nov.13) and finally 10.0956 (monthly low Jun.14). On the upside, a break above 10.3710 (55-day SMA) would expose 10.3867 (100-day SMA) and then 10.4354 (high Oct.30).

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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