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Forex: EUR/SEK tanking after Swedish data

The Swedish krona is sharply appreciating against the single currency on Thursday after the GDP during the fourth quarter of 2012 expanded 1.1% inter-quarter and 1.5% on a yearly basis, exceeding previous prints at +0.5% and +0.7%, respectively. In the same direction, the manufacturing PMI during February rose to 50.9, back to the expansion territory.

At the moment, the pair is losing 0.62% at 8.3902 with the immediate support at 8.3730 (Lower Bollinger) ahead of 8.3107 (low Aug.31) and then 8.2100 (low Aug.28).
On the flip side, a breakout of 8.4665 (MA14d) would expose 8.4899 (high Feb.21) and then 8.5300 (low Feb.5).

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