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Forex Strategy: Remain Short EURSEK, Look to Add

Forex Strategy: Remain Short EURSEK, Look to Add

Ilya Spivak, Head Strategist, APAC

I sold EURSEK at 8.7315 on December 19 expecting Risksbank to keep rates on hold while the ECB begins easing in 2013 as recession lingers while falling bond yields mark policy transmission normalization. Prices have recovered over recent weeks but the move appears corrective, with the pair capped below resistance at 8.7182 and stalling. I will continue to hold short and look for confirmation of bearish resumption with a break below 8.6680 to add to the position.

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