The EURSEK currency pair has bounced back slightly from its previous decline, reaching a level of around 11.82. This represents a 0.03% increase in value compared to the previous day.

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• EUR/SEK recovers some lost ground around 11.82, up 0.03% on the day.

The pair currently trades last at 11.8305.

The previous day high was 11.958 while the previous day low was 11.8101. The daily 38.2% Fib levels comes at 11.8666, expected to provide resistance. Similarly, the daily 61.8% fib level is at 11.9015, expected to provide resistance.

The EUR/SEK cross posts a modest gain around 11.82 after bouncing off the weekly low of 11.79 during the Asian trading hours on Wednesday. Market participants await August’s preliminary German Consumer Price Index for fresh impetus. The annual and monthly CPI figures are expected to rise 6% and 0.3%, respectively.

The German Gfk Consumer Confidence Survey for September reported on Tuesday came in at -25.5 versus -24.6 prior and worse than the expectation of -24.3. Earlier, the Eurozone money supply fell for the first time since 2010 as private sector lending slowed and deposits fell. The softer economic data might convince the European Central Bank (ECB) to pause interest rates at its next meeting on September 14.

Nevertheless, policymakers were divided between a pause and additional tightening. The release of Eurozone inflation data and the ECB’s new economic projections this week could offer hints about future monetary policy.

On the other hand, the Riksbank’s policymakers voted unanimously to increase the policy rate by 25 basis points (bps) to 3.75% on June 29. The Swedish central bank suggested that they might raise interest rates at least once more this year. However, the Riksbank is not acting forcefully enough against inflation in comparison to the ECB. This, in turn, might limit the upside of the Swedish Krona and act as a tailwind for EUR/SEK.

Market players will keep an eye on the preliminary German and Eurozone Consumer Price Index (CPI) for August, Eurozone Retail Sales, and the ECB Meeting Minutes. Traders will take cues and find trading opportunities around the EUR/SEK cross.

Technical Levels: Supports and Resistances

EURSEK currently trading at 11.8283 at the time of writing. Pair opened at 11.8229 and is trading with a change of 0.05 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 11.8071, 50 SMA 11.7217, 100 SMA @ 11.583 and 200 SMA @ 11.3668.

The previous day high was 11.958 while the previous day low was 11.8101. The daily 38.2% Fib levels comes at 11.8666, expected to provide resistance. Similarly, the daily 61.8% fib level is at 11.9015, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 11.7693, 11.7157, 11.6214
• Pivot resistance is noted at 11.9173, 12.0116, 12.0652

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