EURSEK Up 48 Pips On Hourly Chart, 3 Day Down Streak Snapped; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated September 23, 2020 0:16 GMT)

Currently, EURSEK’s rate is up 48 pips (0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend 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 an uptrend 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 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, which opened today priced near 10.4083, is up 524 pips 0.51% since yesterday, marking a reversal from the day prior — and the end of a 3 day negative run. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 10th in terms of percentage change since yesterday. Here is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Notably, EURSEK is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 13.2 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 8 out of the past 14 days.


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