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Forex: EUR/SEK retreating from highs

FXstreet.com (Barcelona) - The Swedish krona is now picking up pace against the single currency on Monday despite the retail sales in the Nordic economy contracted 0.4% MoM during March and expanded 1.8% over the last twelve months, vs. previous prints at 0.9% and 3.5%, respectively.

The Riksbank minutes have shown a dovish tone, pushing the SEK to fresh lows around 8.58, after hinting that a rate cut is more likely in the n ear term due to the low inflationary pressures and the weakness overseas, mainly the euro area.

At the moment, the cross is down 0.11% at 8.5521 with the next support at 8.5449 (MA10d) ahead of 8.5105 (MA100d) and finally 8.5065 (MA200d).
On the flip side, a breakout of 8.6489 (high Apr.24) would open the door to 8.6535 (high Feb.1) and then 8.7190 (2013 high Jan.21).

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