Forex Market: EUR/SEK daily forecast

During yesterday’s trading session EUR/SEK traded within the range of 9.2427-9.3035 and closed at 9.2668.

At 6:10 GMT today EUR/SEK was adding 0.04% for the day to trade at 9.2664. The pair touched a daily high at 9.2686 at 5:50 GMT.

Fundamental view

Sweden’s annualized index of consumer prices (CPI) was probably flat in June, after declining 0.2% in the previous month. The index measures the change in price levels of a basket of goods and services from consumer’s perspective and also reflects purchasing trends.

At the same time, nation’s annualized core CPI probably rose 0.5% last month, after adding 0.4% in May. Lower than expected CPI would have a bearish effect on the krone.

Statistics Sweden is to release the official report at 7:30 GMT.

Technical view

According to Binary Tribune’s daily analysis, in case EUR/SEK manages to breach the first resistance level at 9.2993, it will probably continue up to test 9.3318. In case the second key resistance is broken, the pair will probably attempt to advance to 9.3601.

If EUR/SEK manages to breach the first key support at 9.2385, it will probably continue to slide and test 9.2102. With this second key support broken, the movement to the downside will probably continue to 9.1777.