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Forex: EUR/SEK keeps the lows around 8.6000

A sharp appreciation of the Swedish krona followed after the manufacturing PMI in the Nordic economy climbed to 49.2 during January, bettering December’s 44.6 and dragging the cross from the area around 8.6500 to fresh lows in the boundaries of 8.6000

According to W.Moore, Technical Markets Strategist at RBS, the cross would be posed to break the big barrier at 8.7013, adding “The weekly EUR/SEK chart has struggled at the cloud since it broke beneath there in 2009, but after settling above a long term level of resistance 8.7013 and higher looks under threat”.

At the moment the pair is retreating 0.40% at 8.6025 and a breakdown of 8.5660 (low Jan.30) would bring 8.5555 (low Jan.10).
On the upside, resistance levels line up at 8.6545 (MA14d) and then 8.7140 (Upper Bollinger).

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