EURSEK Down 68 Pips On Hourly Chart; Moves Up For the 4th Straight Day

Hourly Update

(Last Updated July 16, 2021 18:18 GMT)

At the time of this writing, EURSEK’s rate is down -68 pips (-0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move 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 doji candlestick pattern on EURSEK. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURSEK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURSEK is up 320 pips (0.31%) since the day prior (opening today near 10.2334), marking the 4th straight day an increase has occurred. Relative to other instruments in the Forex asset class, EURSEK ranked 11th the day prior in terms of percentage price change. Let’s take a look at price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Coming into today 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 672 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days EURSEK’s price has gone up 10 them.