(Last Updated June 3, 2022 1:41 GMT)
Currently, EURSEK’s rate is down -28 pips (-0.03%) from the hour prior. EURSEK has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on EURSEK. Given that we see downtrend 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 choppiness in price, as the 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)
EURSEK entered today at 10.42263, down 617 pips (0.59%) from the day prior. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 34th in terms of percentage change since the day prior. Below is a price chart of EURSEK.
EURSEK Technical Analysis
Notably, EURSEK crossed below its 100 day moving average yesterday. 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 50 day average, which is 91.2 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. 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. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 9 out of the past 14 days.