Forex Market: EUR/SEK daily forecast

During yesterday’s trading session EUR/SEK traded within the range of 8.9792-9.0119 and closed at 8.9886.

At 6:29 GMT today EUR/SEK was gaining 0.04% for the day to trade at 8.9950. The pair touched a daily high at 9.0055 at 5:25 GMT.

Fundamental view

Consumer confidence in Sweden probably improved to 99.4 in May from 99.0 in the previous month.

The index is based on a monthly survey of households in Sweden. Its purpose is to make a quick qualitative assessment of the plans of households connected to the purchase of new products by exploring the economic situation in Sweden and the state of personal finances. People are also share their expectations about inflation and savings. Data from the survey include the so-called net rates or data showing the difference between positive and negative minded households.

At 7:00 GMT, Statistics Sweden is expected to release data on the nation’s consumer confidence index for April. In case consumer confidence improves more than expected, this would heighten the appeal of the Swedish krona.

Technical view

According to Binary Tribune’s daily analysis, in case EUR/SEK manages to breach the first resistance level at 9.0074, it will probably continue up to test 9.0259. In case the second key resistance is broken, the pair will probably attempt to advance to 9.0400.

If EUR/SEK manages to breach the first key support at 8.9746, it will probably continue to slide and test 8.9605. With this second key support broken, the movement to the downside will probably continue to 8.9419.