EURSEK Down 3 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated September 16, 2021 2:18 GMT)

At the time of this writing, EURSEK’s rate is down 3 pips (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURSEK. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them so that price is now turning above it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURSEK End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of EURSEK continues; to start today, it came in at a price of 10.14105, down 198 pips (0.19%) since the day prior. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 23rd in terms of percentage change since the day prior. Let’s take a look at price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Notably, EURSEK crossed below its 200 day moving average yesterday. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 200 day average, which is 72.2 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. Volatility for EURSEK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 10 days EURSEK’s price has gone down 5 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.