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Forex: EUR/SEK in session lows after Swedish data

FXstreet.com (Barcelona) - The Swedish krona is rapidly gaining ground against the single currency on Wednesday, after the consumer confidence in the Scandinavian economy bettered to 2.8 in March, up from February’s -1.0. Adding to the upbeat tone, domestic retail sales expanded 3.5% on a yearly basis in February and 1.0% MoM, surpassing previous prints at 1.9% and 0.1% respectively.

At the moment, the stronger SEK is dragging the cross to session lows, losing 0.36% at 8.3188 facing the next support at 8.3125 (low Mar.20) ahead of the psychological level of 8.3000
On the upside, a break above 8.4475 (high Mar.1) would then target 8.4626 (high Feb.28) and finally 8.4899 (high Feb.21).

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