EURSEK Up 68 Pips in Last Hour, in a Downtrend Over Past 90 Days; is Inching Close to 20 Day Average

Hourly Update

(Last Updated January 6, 2021 2:19 GMT)

At the moment, EURSEK’s rate is up 68 pips (0.07%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend 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 downtrend 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 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)

EURSEK entered today at 10.1042, up 638 pips (0.64%) from the previous day. Out of the 40 instruments in the Forex asset class, EURSEK ended up ranking 3rd for the day in terms of price change. Below is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Coming into today the current price of EURSEK is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days EURSEK’s price has gone down 6 them.