Sweden’s central bank announcement

Earlier this month, Sweden’s central bank announced that it will be expanding its quantitative easing program. The news ultimately weakened the run of bearish investors in the trading sessions. However, bulls didn’t immediately take control of the pair as the euro also faced headwinds then. Luckily for them, the direction of the pair is looking pretty bullish once again thanks to the strong investor confidence in the eurozone. The euro to Swedish krona exchange rate’s prices are now widely on track to reach their resistance soon. Looking at the chart, it appears that the Swedish krona first had a grip on the pair. Although bears ultimately lost control, allowing bulls to regain their footing. If the pair climbs towards its resistance, bulls will once again force the 50-day moving average higher towards the 200-day moving average. But as of writing, the pair is in bearish territories considering that the 200-day MA is still dominant.