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EUR/SEK Price Could Rally Further Within Long-Term Downtrend

EUR/SEK Price Could Rally Further Within Long-Term Downtrend

2019-12-19 17:10:00
Martin Essex, MSTA, Analyst
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Swedish Krona price, news and analysis:

  • EUR/SEK advanced Thursday on Krona weakness, despite a decision by the Riksbank to end five years of negative Swedish interest rates with an increase to zero.
  • That suggests the short-term uptrend in the pair – albeit within a long-term downtrend – could continue.

EUR/SEK price may rally further near-term

Sweden’s Riksbank increased the country’s key interest rate to zero from -0.25% Thursday, becoming the first central bank to end negative interest rates. While the decision was in line with forecasts, it was still notable that the Swedish Krona weakened on the news, leading to an extension of the recent bounce in EUR/SEK.

EUR/SEK Price Chart, 30-Minute Timeframe (December 16-19, 2019)

Latest short-term EUR/SEK price chart.

Chart by IG (You can click on it for a larger image)

That bounce could now extend to trendline resistance, currently around 10.51, or even higher now the rate rise is out of the way and the Riksbank has made clear it expects no further increases over the next couple of years. Note, though, that the long-term downtrend in EUR/SEK that began more than two months ago remains firmly in place.

EUR/SEK Price Chart, Daily Timeframe (September 23-December 19, 2019)

Latest long-term EUR/SEK price chart.

Chart by IG (You can click on it for a larger image)

Indeed, it would take a move above trendline resistance currently around 10.62 for the long-term EUR/SEK outlook to turn positive.

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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