EURSEK Up 28 Pips in Last Hour, in a Downtrend Over Past 90 Days; Nears 50 Day Moving Average

Hourly Update

(Last Updated November 15, 2021 18:18 GMT)

At the time of this writing, EURSEK’s rate is up 28 pips (0.03%) from the hour prior. This is the 2nd consecutive hour EURSEK has seen its price head 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 choppiness in price, as the 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 10.0241, up 465 pips 0.47% from the day prior. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 5th in terms of percentage change since the day prior. Here is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Notably, EURSEK is now close to its 20, 50, 100 and 200 day averages, located at 9.9657, 10.0742, 10.1364 and 10.135 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 50 day average, which is 500.9 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 20 out of the past 30 days.