EURSEK Up 50 Pips On Hourly Chart, Moves Down For the 2nd Consecutive Day; is Inching Close to 20, 50 and 100 Day Averages

Hourly Update

(Last Updated April 12, 2021 4:19 GMT)

At the moment, EURSEK’s rate is up 50 pips (0.05%) from the hour prior. EURSEK has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend 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 5 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 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 142 pips (0.14%) since yesterday (opening today near 10.1562), marking the 2nd consecutive day it has gone down. Out of the 39 instruments in the Forex asset class, EURSEK ended up ranking 27th for the day in terms of price change. The price chart of EURSEK below illustrates.

EURSEK

EURSEK Technical Analysis

Coming into today 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 100 day average, which is 165.2 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 up. Or to simplify this another way, note that out of the past 14 days EURSEK’s price has gone up 8 them.