Fundamental Analysis

EUR/SEK Worth Might Rally Additional Inside Lengthy-Time period Downtrend

Swedish Krona worth, information and evaluation:

EUR/SEK superior Thursday on Krona weak point, regardless of a choice by the Riksbank to finish 5 years of damaging Swedish rates of interest with a rise to zero.That implies the short-term uptrend within the pair – albeit inside a long-term downtrend – might proceed.

EUR/SEK worth might rally additional near-term

Sweden’s Riksbank elevated the nation’s key rate of interest to zero from -Zero.25% Thursday, changing into the primary central financial institution to finish damaging rates of interest. Whereas the choice was in step with forecasts, it was nonetheless notable that the Swedish Krona weakened on the information, resulting in an extension of the latest bounce in EUR/SEK.

EUR/SEK Worth Chart, 30-Minute Timeframe (December 16-19, 2019)

Latest short-term EUR/SEK price chart.

Chart by IG (You’ll be able to click on on it for a bigger picture)

That bounce might now lengthen to trendline resistance, at present round 10.51, and even increased now the speed rise is out of the best way and the Riksbank has made clear it expects no additional will increase over the following couple of years. Word, although, that the long-term downtrend in EUR/SEK that started greater than two months in the past stays firmly in place.

EUR/SEK Worth Chart, Each day Timeframe (September 23-December 19, 2019)

Latest long-term EUR/SEK price chart.

Chart by IG (You’ll be able to click on on it for a bigger picture)

Certainly, it could take a transfer above trendline resistance at present round 10.62 for the long-term EUR/SEK outlook to show optimistic.

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— Written by Martin Essex, Analyst and Editor

Be at liberty to contact me by way of the feedback part under, by way of e mail at martin.essex@ig.com or on Twitter @MartinSEssex


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