EUR/SEK drops to lows near 9.5500

The Swedish Krona has gathered further upside traction today, relegating EUR/SEK to fresh lows in the vicinity of 9.5500.

EUR/SEK lower on data

SEK met extra buying interest after Industrial Production has surprised markets to the upside during July, expanding at a monthly 1.1% and 4.2% over the last twelve months. Further data saw Industrial New Orders advancing 5.2% YoY, reverting the previous 1.5% contraction.

The cross is now trading in 2-day lows and snapping at the same time a positive 4-day streak (including fresh YTD tops in the mid-9.6200s), although it seems decent support has emerged around the 9.5500 handle for the time being.

EUR/SEK levels to consider

As of writing the cross is losing 0.31% at 9.5557 and a breakdown of 9.5488 (low Sep.5) would open the door to 9.4992 (20-day sma) and finally 9.4792 (55-day sma). On the other hand, the next up barrier is located at 9.6245 (2016 high Sep.2) followed by 9.6773 (high Aug.26 2015) and then 9.6867 (high Feb.12 2015).