EURSEK Up 41 Pips in Last Hour, in an Uptrend Over Past 14 Days; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated April 8, 2021 3:19 GMT)

At the time of this writing, EURSEK’s rate is up 41 pips (0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Of note is that the 100 hour changed directions on EURSEK; it is now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

EURSEK End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for EURSEK, which started today off at 10.24359, up 179 pips 0.17% from the day prior. Out of the 39 instruments in the Forex asset class, EURSEK ended up ranking 9th for the day in terms of price change. Below is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Notably, the current price of EURSEK is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 49.9 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days EURSEK’s price has gone up 7 them.