(Last Updated April 5, 2021 2:19 GMT)
At the time of this writing, EURSEK’s rate is down -19 pips (-0.02%) 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 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)
After 4 up days, EURSEK snaps its streak, falling 0 pips (0%) over the past day to close at an exchange rate of 10.265. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 24th in terms of percentage change since the day prior. Below is a price chart of EURSEK.
EURSEK Technical Analysis
The first thing we should note is that EURSEK is now close to its 20, 50, 100 and 200 day averages, located at 10.1718, 10.1279, 10.14 and 10.2519 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 200 day average, which is 131.2 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 10 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.