The solid performance of the Swedish Krona seems to have found strong hurdle around 9.5200 on Wednesday, with EUR/SEK now looking to bounce to the 9.5300 region.
EUR/SEK decline halted near 100-day sma
The cross is posting losses after a positive start of the week, although gains appear to be limited around the 9.5460 region, just below the 55-day sma in the 9.5500 neighbourhood.
SEK saw its buying interest receding a tad after Riksbank’s M.Floden comments earlier in the session, who stressed that inflation keeps rising although it is expected to fall back at some point by year-end.
Floden also suggested that it is somewhat premature to withdraw some accommodation from the current domestic monetary stance, while noting at the same time the difficulty to single out overheating signs in the economy.
In the meantime, the cross keeps navigating between 9.4950 and 9.5550 in the near term, both levels coincident with the 76.4% and 61.8% Fibo retracements of the 2017 up move.
EUR/SEK levels to consider
As of writing the cross is losing 0.11% at 9.5275 facing the next down barrier at 9.5152 (21-day sma) seconded by 9.4995 (low Sep.15) and then 9.4945 (76.4% Fibo of the 2017 up move). On the flip side, a break above 9.5509 (55-day sma) would aim for 9.5556 (61.8% Fibo of the 2017 up move) and finally 9.5906 (200-day sma).
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