EURSEK Up 33 Pips in Last Hour; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated November 5, 2021 23:25 GMT)

At the moment, EURSEK’s rate is up 33 pips (0.03%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURSEK has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 100 hour moving average has been crossed, so that price is now turning above it. 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)

The choppiness in the recent daily price action of EURSEK continues; to start today, it came in at a price of 9.9041, down 206 pips (0.21%) since yesterday. Out of the 39 instruments in the Forex asset class, EURSEK ended up ranking 29th for the day in terms of price change. Here is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Notably, the current price of EURSEK is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 20 day average, which is 1065.8 pips away. 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 8 out of the past 10 days.