EUR/SEK failed to break out from a key resistance line

The pair failed to break out from a key resistance line, sending the pair lower towards its previous low. The European Union is under pressure to fill the gap that the United Kingdom left. This was after Britain officially leave the largest trading bloc in January 31, 2020. It is now requiring its member states to increase their contributing to the EU budget fund for the coming years. Brussels demanded Sweden to its annual share by 44%. However, Swedish Prime Minister Stefan Lofven stunned the EU after it said that “Brussels is not my priority”. Sweden is known as one of the frugal four (4) European countries who resisted the call for a budget hike. He argued that countries with much bigger economies should pay for the increase. He was directly referring to Germany, the economic powerhouse of the EU. However, Berlin is also experiencing problems with its own economy. For the fourth quarter of 2019, the country recorded a zero (0) percent growth.