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EUR SEK Technical Analysis - EUR SEK Trading: 2023-05-08
EUR/SEK Technical Analysis Summary
Below 11,18
Sell Stop
Above 11,48
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| MA(200) | Neutral |
| Fractals | Sell |
| Parabolic SAR | Sell |
| Bollinger Bands | Sell |
EUR/SEK Chart Analysis
EUR/SEK Technical Analysis
On the daily timeframe, EURSEK: D1 broke down the uptrend support line and exited the triangle downward. A number of technical analysis indicators formed signals for further decline. We do not rule out a bearish movement if EURSEK: D1 drops below its latest low of 11.18. This level can be used as an entry point. Initial risk cap possibly above the high since March 2009, the latest up fractal, the upper Bollinger band, and the Parabolic signal: 11.48. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal high. Thus, we change the potential profit/loss ratio in our favor. After making a trade, the most cautious traders can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (11.48) without activating the order (11.18), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Forex - EUR/SEK
The European economy shows signs of slowdown. Will EURSEK quotes continue to decline?
Earlier, according to preliminary data, the growth of the European Union GDP in the 1st quarter of 2023 amounted to 1.3% y/y. This is worse than expected. Last week European Union CPI (+7% y/y in April) and Retail Sales (-3.8% y/y in March) were published. They also turned out to be weaker than forecasts. This week, particularly important economic data in the Eurozone is not expected. In Sweden, on the contrary, there will be significant statistics. Riksbank Monetary Policy Meeting Minutes will be published on May 9, Sweden Industrial Production and Household Consumption on May 10, Registered Unemployment on May 11. Most of the forecasts look relatively positive for the Swedish krona.
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