EUR/SEK sinks to 3-week lows near 9.7600

The Swedish Krona is appreciating further vs. its European peer on Thursday, dragging EUR/SEK to fresh multi-day lows near the 9.7600 handle.

EUR/SEK lower on data, EUR selling

The cross is retreating for the third consecutive week after being rejected from highs in the vicinity of the 10.1000 area (November 9), levels last seen in February 2010.

EUR/SEK has been under increasing downside pressure as of late following a broad-based offered bias around the single currency.

In addition, SEK met extra buying interest today after Swedish Manufacturing Confidence and Consumer Confidence have surpassed estimates for the month November, while Producer Prices rose at an annualized 2.2% during last month.

EUR/SEK levels to consider

As of writing the cross is retreating 0.30% at 9.7630 and a break below 9.7242 (55-day sma) would expose 9.6755 (low Oct.27) and then 9.6228 (100-day sma). On the upside, the initial hurdle lines up at 9.8666 (20-day sma) followed by 10.0907 (2016 high Nov.9) and finally10.5374 (monthly high November 2009).