EURSEK Down 89 Pips Over Past Hour; Eyes 20 Day Average

Hourly Update

(Last Updated January 5, 2021 2:19 GMT)

Currently, EURSEK’s rate is down -89 pips (-0.09%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. 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 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 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)

The back and forth price flow continues for EURSEK, which started today off at 10.1042, up 638 pips 0.64% from the day prior. Out of the 40 instruments in the Forex asset class, EURSEK ended up ranking 3rd for the day in terms of price change. The price chart of EURSEK below illustrates.

EURSEK

EURSEK Technical Analysis

Coming into today EURSEK is now close to its 20, 50 and 100 day averages, located at 10.1472, 10.2055 and 10.2963 respectively, and thus may be at a key juncture along those timeframes. 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.