EURSEK Up 67 Pips Over Past Hour, in a Downtrend Over Past 30 Days; Nears 20 Day Moving Average

Hourly Update

(Last Updated January 12, 2021 2:19 GMT)

At the time of this writing, EURSEK’s rate is up 67 pips (0.07%) 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. 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 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 235 pips (0.23%) since yesterday (opening today near 10.0844), marking the 2nd straight day an upward move has occurred. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 18th in terms of percentage change since yesterday. Below is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Notably, EURSEK is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Volatility for EURSEK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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 16 out of the past 30 days.