EUR/SEK eases from 2017 tops, back below 9.8000

The Swedish Krona is extending its softer note this week, lifting EUR/SEK to fresh 2017 tops near the 9.8100 handle albeit deflating somewhat afterwards.

EUR/SEK offered post data

SEK depreciated further today after Swedish industrial production unexpectedly contracted at a monthly 2.4% during April vs. a forecasted expansion of 0.5% and reverting March’s 0.3% gain. Over the last twelve months, industrial production expanded 0.8%.

Further data saw industrial new orders expanding at an annualized 4.4% during the same period.

In the meantime, the cross is advancing for the third consecutive session following Monday’s lows in the mid-9.7100s, all amidst the more bullish scenario after yearly lows in the 9.4000 neighbourhood seen in January.

EUR/SEK levels to consider

As of writing the cross is gaining 0.12% at 9.7833 facing the next resistance at 9.8071 (2017 high Jun.7) seconded by 9.8525 (high Nov.28 2016) and finally 10.0956 (6-year high Nov.7 2016). On the flip side, a breakdown of 9.6960 (low Jun.5) would expose 9.6631 (38.2% Fibo of 10.0956-9.3958) and then 9.5981 (20-day sma).