EUR/SEK Price Recap
EUR/SEK is down 161 pips (0.15%) since yesterday (with its current price near 10.721), marking the 2nd day in a row it has gone down. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 19.13% from the day before — and down 7.18% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/SEK ranked 19th yesterday in terms of percentage price change. Here is a price chart of EUR/SEK.
EUR/SEK Technical Analysis
The first thing we should note is that EUR/SEK is now close to its 20, 50, 100 and 200 day averages, located at 10.5901, 10.5672, 10.5784 and 10.6251 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 959.3 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days EUR/SEK’s price has gone up 7 them.
A final note on correlations: over the past 7 days, EUR/CAD has been the pair most correlated with EUR/SEK — a common occurrence, given the presence of EUR in both currency pairs. On the flip side, in terms of pairs with the least correlation to EUR/SEK, NZD/USD is the pair that holds that distinction for the past two weeks.