As expected
The Sweden unemployment rates came in at 6.3% which was right on the expectations.
The unemployment rate remains near low levels, but off the lows for the year at 6.0% from August.
Looking at the USDSEK chart, the pair has a strong ceiling developed at the 8.4460 to 8.45156 area. Yesterday and on Monday, the pair tried to take out the early November highs but failed. Today, the momentum has been more to the downside as sellers took the price away from the ceiling.
On more selling today, eye the converged 100 and 200 hour MAs at 8.3945 area. That area should be a barometer for bullish and bearish in what is near the middle of the trading range over the last 3 or so week. A move below is more bearish. Testing and staying above keeps the buyers more in control. From here it is a coin toss.
