EURSEK Down 4 Pips in Last Hour, Moves Down For the 2nd Straight Day; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated October 15, 2021 1:18 GMT)

At the time of this writing, EURSEK’s rate is down -4 pips (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 557 pips (0.55%) since the previous day (opening today near 10.0739), marking the 2nd straight day a decrease has occurred. Out of the 39 instruments in the Forex asset class, EURSEK ended up ranking 33rd for the day in terms of price change. Below is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

The first thing we should note is that 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 200 day average, which is 758.2 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. 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. Or to simplify this another way, note that out of the past 30 days EURSEK’s price has gone down 15 them.