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2 Apr 2013
Forex: EUR/SEK in session lows after Swedish PMI
FXstreet.com (Barcelona) - The Swedish krona is sharply appreciating against the single currency on Tuesday, after the manufacturing PMI in the Scandinavian economy rose to 52.1 during March, exceeding both forecasts and previous print.
The stronger SEK dragged the cross from levels above 8.3600 to the current region below 8.3200, testing last week’s lows.
At the moment, the cross is retreating 0.65% at 8.3167 with the next support at 8.2840 (low Mar.270 ahead of 8.2550 (2013 low Mar.13) and finally 8.2100 (low Aug.28 2012).
On the upside, a breakout of 8.3710 (MA30d) would aim for 8.4585 (high Mar.25) and then 8.4626 (high Feb.28).
The stronger SEK dragged the cross from levels above 8.3600 to the current region below 8.3200, testing last week’s lows.
At the moment, the cross is retreating 0.65% at 8.3167 with the next support at 8.2840 (low Mar.270 ahead of 8.2550 (2013 low Mar.13) and finally 8.2100 (low Aug.28 2012).
On the upside, a breakout of 8.3710 (MA30d) would aim for 8.4585 (high Mar.25) and then 8.4626 (high Feb.28).