EUR/SEK tumbles to lows near 9.5300

The Swedish krona is picking up pace today, dragging EUR/SEK to the area of daily lows around the 9.53 area.

EUR/SEK upside capped around 9.55

The cross is grinding lower after Retail Sales in the Nordic economy has contracted more than expected 0.6% MoM in June, taking the annualized gain to 3.2%. Further data saw the unemployment rate staying put at 7.6% during the same period vs. a forecasted up tick to 7.9%.

Today’s decline in the cross is so far snapping a 5-day positive streak, although the broader picture still shows the cross closing its third consecutive month with gains, rebounding from YTD lows in the 9.1125 area recorded in April.

EUR/SEK levels to consider

As of writing the cross is losing 0.13% at 9.5326 and a breakout of 9.5484 (high Jul.28) would target 9.5914 (high Jun.24) en route to 9.6163 (2016 high Feb.11). On the flip side, the next support aligns at 9.4715 (20-day sma) followed by 9.4035 (low Jul.14) and finally 9.3760 (55-day sma).