EURSEK Down 127 Pips On Hourly Chart, Moves Up For the 4th Consecutive Day; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 17, 2020 23:16 GMT)

At the moment, EURSEK’s rate is down -127 pips (-0.12%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURSEK has now gone down 4 of the past 5 hours. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. Most noteworthy in the world of moving averages on the hourly chart is that the 200 hour moving average has been crossed, with price now being below it. 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 137 pips (0.13%) since yesterday (opening today near 10.4133), marking the 4th consecutive day an upward move has occurred. Relative to other instruments in the Forex asset class, EURSEK ranked 14th yesterday in terms of percentage price change. Here is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

The first thing we should note is that EURSEK is now close to its 20, 50, 100 and 200 day averages, located at 10.3406, 10.3174, 10.4234 and 10.5479 respectively, and thus may be at a key juncture along those timeframes. 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 100.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 14 days EURSEK’s price has gone up 9 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURSEK; just 1 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com that we thought you might enjoy.


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