EURSEK Down 1 Pips On Hourly Chart, Moves Up For the 2nd Straight Day; Breaks Above 20 and 50 Day Averages

Hourly Update

(Last Updated May 3, 2021 2:19 GMT)

Currently, EURSEK’s rate is down -1 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. 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 choppiness in price, as the 20, 50, 100 and 200 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 is up 329 pips (0.32%) since the day prior (opening today near 10.17749), marking the 2nd straight day an upward move has occurred. Out of the 39 instruments in the Forex asset class, EURSEK ended up ranking 8th for the day in terms of price change. Here is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

First things first: EURSEK crossed above its 20 and 50 day moving averages 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 20 day average, which is 208.6 pips away. 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days EURSEK’s price has gone up 16 them.

The View From Around the Web

Not much commentary on EURSEK that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Enter at Pin Bar Close. Exit At Previous Swing High For Take Profit. Place Stop Loss At Pin Bar Low. H1 Chart.