Bulls were able to force a reversal and seize the momentum

After reaching its support level in the previous session, bulls were able to force a reversal and seize the momentum to recover their losses. The pair now has a bullish trajectory and signs say that it’s heading for its resistance in the first half of the month. As of writing, investors of the Swedish krona are causing the pair to steady as they wait for the upcoming consumer confidence, manufacturing confidence, and retail sales figures from Sweden scheduled today. Aside from those, bears are also hoping to see better than expected results in the Swedish gross domestic product report that is also scheduled to be released tomorrow. That would strengthen the Swedish krona and give a tough time for the euro. On the other hand, the main factor that is supporting the single currency is the recent news about the European Commission’s plan for the post-coronavirus recovery funds. According to reports, it will be worth a staggering 1.85 trillion euros.