EURSEK Down 6 Pips On Hourly Chart, is Inching Close to 50 and 100 Day Averages; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated April 29, 2021 2:19 GMT)

At the time of this writing, EURSEK’s rate is down -6 pips (-0.01%) 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 50 hour timeframe. 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 is down 103 pips (0.1%) since the previous day (opening today near 10.10999), marking the 3rd consecutive day a decline has happened. Relative to other instruments in the Forex asset class, EURSEK ranked 21st the previous day in terms of percentage price change. Here is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

The first thing we should note is that EURSEK is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 100 day average, which is 208.9 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 10 days EURSEK’s price has gone down 6 them. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!