(Last Updated November 11, 2021 3:18 GMT)
At the moment, EURSEK’s rate is down -162 pips (-0.16%) from the hour prior. EURSEK has seen its price go down 5 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend 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 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. Regarding moving averages, it should first be noted that price has crossed the 200 hour moving average, resulting in them so that price is now turning below it. 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 9.93509, up 246 pips 0.25% from yesterday. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 13th in terms of percentage change since yesterday. Here is a price chart of EURSEK.
EURSEK Technical Analysis
Notably, EURSEK is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 20 day average, which is 445 pips away. Volatility for EURSEK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 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 7 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.