Forex: EUR/SEK upside capped by 8.32 on Swedish data

The Swedish krona is losing ground against the single currency on Friday, after softer-than-expected than from the Nordic industrial sector added further downside pressure to SEK. In fact, the industrial production contracted further during January, falling 2.0% on a monthly basis and 7.8% over the last twelve months. Further data showed that new orders dropped 5.4% YoY.

At the moment, EUR/SEK is up 0.28% at 8.3172 with the next resistance at 8.3350 (high Mar.7) ahead of 8.3650 (high Mar.5) and then 8.3890 (high Mar.4).
On the flip side, a breakdown of 8.2770 (Lower Bollinger) would pave the way to 8.2100 (low Aug.28 2012) and finally 8.2020 (low Aug.16 2012).

Mar 8, 2013

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