EUR/SEK Down 2 Pips Over Past Hour, Moves Down For the 2nd Consecutive Day; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated September 24, 2021 1:48 GMT)

At the time of this writing, EURSEK’s rate is down 2 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURSEK. Given that we see downtrend 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 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)

EURSEK is down 319 pips (0.31%) since the previous day (opening today near 10.13039), marking the 2nd consecutive day it has gone down. Relative to other instruments in the Forex asset class, EURSEK ranked 28th the previous day in terms of percentage price change. Below is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

First things first: EURSEK crossed below its 200 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 200 day average, which is 158.4 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone up 15 out of the past 30 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURSEK; just 0 sell signals and 1 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Wave 1 is bullish and we are currently in the function of predicting Wave 3 from the support of the case n