EURSEK Down 82 Pips Over Past Hour, Entered Today Up For the 4th Day In A Row; Nears 100 Day Moving Average

Hourly Update

(Last Updated September 16, 2020 23:16 GMT)

At the time of this writing, EURSEK’s rate is down -82 pips (-0.08%) 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 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURSEK. Given that we see downtrend on the 20 and 10 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 is up 137 pips (0.13%) since the day prior (opening today near 10.4133), marking the 4th day in a row it has gone up. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 14th in terms of percentage change since the day prior. Here is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Coming into today EURSEK is now close to its 20, 50, 100 and 200 day averages, located at 10.3406, 10.3174, 10.4234 and 10.5479 respectively, and thus may be at a key juncture along those timeframes. 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 100.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 9 out of the past 14 days.

The View From Around the Web

Not much commentary on EURSEK that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com that we thought you might enjoy.


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