Forex: EUR/SEK dips to lows after PMI in Sweden

The Swedish economy continues to give signs of strong recovery after the services PMI for the month of February advanced to 54.6 from 52.6, joining last week’s good performances of the manufacturing PMI and the GDP figures. As a consequence, the Swedish krona is sharply appreciating against the single currency, dragging the cross from levels above 8.3600 to the current area sub 8.3400

The cross is now losing 0.21% at 8.3376 with the immediate support lying at 8.3174 (low Sep.3) ahead of 8.3107 (low Aug.31) and finally 8.2100 (low Aug.28).
On the flip side, a breakout of 8.4374 (MA14d) would expose 8.4899 (high Feb.21) and finally 8.5300 (low Feb.5).