EUR/SEK Down 169 Pips Over Past Hour, in a Downtrend Over Past 90 Days; Bullish Engulfing Pattern in Play

Hourly Update

(Last Updated November 19, 2021 1:42 GMT)

Currently, EURSEK’s rate is down -169 pips (-0.17%) from the hour prior. EURSEK has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURSEK. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 choppiness in the recent daily price action of EURSEK continues; to start today, it came in at a price of 10.09601, up 650 pips (0.65%) since yesterday. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 5th in terms of percentage change since yesterday. Let’s take a look at price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Notably, EURSEK crossed above its 50 day moving average yesterday. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 7 out of the past 14 days. We’re also seeing a bullish engulfing pattern here, and given the downtrend on the 14 and 90 day