- Upbeat Sweden data put a lot of pressure on SEK shorts, traders widely positioned short SEK in response to relentless dovish C.Bank chat
- Swedish GDP was revised up to 3.3% y/y, while unemployment rate fell to 6.4% from 6.8%
- EUR/SEK slumped to session lows at 9.3756, but pared some losses and edged higher to currently trade at 9.3941
- A close below 100/200-DMAs at 9.3745/97 could lead to significant position adjustment, cloud base at 9.3658 seen as a strong support zone
- Immediate support is seen at 9.3790 (200-Day MA) and resistance is located at 9.4360 (55-Day MA)
Resistance Levels:R1: 9.4360 (55-Day MA)R2: 9.4560 (Daily High Sep 7)R3: 9.4800 (Daily High Sep 3)Support levels:S1: 9.3790 (200-Day MA)S2: 9.3745 (100-Day MA)S3: 9.3658 (Daily Cloud Base)
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