EURSEK Up 24 Pips On Hourly Chart, Moves Down For the 3rd Straight Day; Crosses 100 Day Moving Average

Hourly Update

(Last Updated October 12, 2020 2:18 GMT)

At the moment, EURSEK’s rate is up 24 pips (0.02%) from the hour prior. The hourly chart shows that EURSEK has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURSEK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURSEK is down 391 pips (0.38%) since the previous day (opening today near 10.3789), marking the 3rd straight day it has gone down. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 26th in terms of percentage change since the previous day. The price chart of EURSEK below illustrates.

EURSEK

EURSEK Technical Analysis

Notably, EURSEK crossed below its 100 day moving average yesterday. 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 68.6 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. 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. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 8 out of the past 10 days.