EUR/SEK to extend its rebound on a break above 10.32/33 – SocGen

EUR/SEK has embarked on a phase of rebound after forming a low near 10.01 earlier this year. Economists at Société Générale expects the pair to test the 10.25 mark in the short-term.

Positive bias above the 200-day moving average at 10.12

“Holding above 200-DMA and recent low near 10.12, a short-term bounce can’t be ruled out towards 10.25.”

“Daily MACD is in negative territory which denotes upside momentum is still not regaining.”

“Last month’s high of 10.32/10.33 which is also the 50% retracement from September 2020 is a crucial hurdle that must be overcome for an extended up-move.”