EUR/SEK has staged an initial bounce after forming a low near 9.86 last month. However, economists at Société Générale expect the pair to move back lower towards the 9.80 level.
“Signals of an extended up-move are still not visible.”
“200-DMA near 10.14/10.21 is short-term resistance.”
“Holding below the 200-DMA near 10.14/10.21, the pair is likely to drift lower towards 9.80, the 50% retracement from 2012.”