EURSEK Up 40 Pips On Hourly Chart, Came Into Today Up For the 2nd Straight Day; is Inching Close to 20 and 50 Day Averages

Hourly Update

(Last Updated February 25, 2021 0:21 GMT)

At the moment, EURSEK’s rate is up 40 pips (0.04%) from the hour prior. This is the 2nd straight hour EURSEK has seen its price head up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURSEK. Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Regarding moving averages, it should first be noted that price has crossed the 50 hour moving average, resulting in them with price now being above 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 20 pips (0.02%) since yesterday (opening today near 10.06079), marking the 2nd straight day an increase has occurred. Relative to other instruments in the Forex asset class, EURSEK ranked 22nd yesterday in terms of percentage price change. The price chart of EURSEK below illustrates.

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 10.0844, 10.0946, 10.1923 and 10.2994 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days EURSEK’s price has gone up 15 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.