EURSEK Down 51 Pips On Hourly Chart, Makes Big Move Relative to Past Month; 2 Day Up Streak Snapped

Hourly Update

(Last Updated September 11, 2020 16:16 GMT)

At the moment, EURSEK’s rate is down -51 pips (-0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend 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 entered today at 10.31868, down 768 pips (0.74%) from yesterday. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 33rd in terms of percentage change since yesterday. Let’s take a look at price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURSEK crossed below its 20 and 50 day moving averages yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. For additional context, note that price has gone down 7 out of the past 14 days.


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