Forex Market: EUR/SEK daily trading forecast

Written by Miroslav Marinov

Miroslav Marinov, a financial news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market, as currently his focus is set on the major currencies of eight developed nations worldwide.

, | Updated: October 30, 2024

Yesterday’s trade saw EUR/SEK within the range of 9.1433-9.2157. The pair closed at 9.1593, losing 0.57% on a daily basis.

At 7:40 GMT today EUR/SEK was down 0.04% for the day to trade at 9.1579. The pair touched a daily low at 9.1517 at 7:18 GMT.

Fundamentals

Euro area

ECB President Mario Draghi Statement

At 8:00 GMT ECB President Draghi is to take a statement. Moderate-to-high volatility of the euro crosses is usually present during his speeches.

Sweden

Consumer Inflation

Sweden’s annualized consumer inflation probably was at 0% in February, according to market expectations, following six consecutive months of deflation. In monthly terms, consumer prices probably gained 0.6% in February, following a 1.1% drop in January. The latter has been the largest monthly CPI fall in at least four years. The index measures the change in price levels of a basket of goods and services from consumer’s perspective and also reflects purchasing trends. The nation’s annualized core CPI probably advanced 0.7% in February, after a 0.6% increase in January. In case consumer inflation was reported at higher-than-anticipated levels, this would certainly support the local currency. Statistics Sweden is to release the official report at 8:30 GMT.

Pivot Points

According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 9.1728. In case EUR/SEK manages to breach the first resistance level at 9.2022, it will probably continue up to test 9.2452. In case the second key resistance is broken, the pair will probably attempt to advance to 9.2746.

If EUR/SEK manages to breach the first key support at 9.1298, it will probably continue to slide and test 9.1004. With this second key support broken, the movement to the downside will probably continue to 9.0574.

The mid-Pivot levels for today are as follows: M1 – 9.0789, M2 – 9.1151, M3 – 9.1513, M4 – 9.1875, M5 – 9.2237, M6 – 9.2599.

In weekly terms, the central pivot point is at 9.2197. The three key resistance levels are as follows: R1 – 9.3269, R2 – 9.4821, R3 – 9.5893. The three key support levels are: S1 – 9.0645, S2 – 8.9573, S3 – 8.8021.