EURSEK Up 247 Pips Over Past Hour, Crosses 50 Day Moving Average; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated September 8, 2020 15:15 GMT)

Currently, EURSEK’s rate is up 247 pips (0.24%) from the hour prior. This is the 2nd hour in a row EURSEK has seen its price head up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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)

The back and forth price flow continues for EURSEK, which started today off at 10.32623, down 243 pips 0.23% from yesterday. Out of the 40 instruments in the Forex asset class, EURSEK ended up ranking 30th for the day in terms of price change. Let’s take a look at price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Notably, EURSEK crossed below its 50 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days EURSEK’s price has gone down 7 them.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram