EURSEK Down 23 Pips in Last Hour, Breaks Above 20 Day Average; in a Downtrend Over Past 90 Days

At the time of this writing, EURSEK’s rate is down -23 pips (-0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved 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 an uptrend on the 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 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)

The choppiness in the recent daily price action of EURSEK continues; to start today, it came in at a price of 10.3076, up 494 pips (0.48%) since the day prior. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 10th in terms of percentage change since the day prior. Below is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Notably, EURSEK crossed above its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 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 30 day timeframe. For additional context, note that price has gone up 7 out of the past 14 days. We’re also seeing a bullish engulfing pattern here, and given the downtrend on the 90 and 30 day

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURSEK; just 0 sell signals and 1 buy signals. This imputes a buy/sell ratio that’s infinite! But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

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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