EURSEK Down 92 Pips On Hourly Chart, Came Into Today Up For the 2nd Day In A Row; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 24, 2020 0:16 GMT)

At the time of this writing, EURSEK’s rate is down -92 pips (-0.09%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 20 and 10 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURSEK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURSEK is up 239 pips (0.23%) since the day prior (opening today near 10.4322), marking the 2nd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, EURSEK ranked 9th the day prior in terms of percentage price change. Let’s take a look at price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Notably, EURSEK crossed above 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 100 day average, which is 247.7 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 30 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. Or to simplify this another way, note that out of the past 10 days EURSEK’s price has gone up 6 them.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram