EUR/SEK plummets to session lows post-data

The Swedish Krona is sharply higher vs. its European peer on Wednesday, now dragging EUR/SEK to test lows in the mid-9.700s.

EUR/SEK lower on data

SEK met further buying pressure after Sweden Industrial Production expanded at an annualized 4.1%, more than initially estimated. On a monthly basis, Industrial Production expanded 0.2% while Industrial New Orders rose 12.0% in February.

The cross is reverting yesterday’s 3-week tops above the 9.6200 handle, although the bullish note appears intact following the rebound from March’s lows in the 9.4500 handle.

EUR/SEK levels to consider

As of writing the cross is losing 0.40% at 9.5761 facing the next support at 9.5745 (low Apr.5) followed by 9.5362 (20-day sma) and then 9.5052 (low Apr.3). On the other hand, a surpass of 9.6247 (high Apr.4) would aim for 9.6280 (high Mar.13) and finally 9.6314 (high Mar.10).