EURSEK Up 56 Pips On Hourly Chart, 3 Day Down Streak Ended; Nears 50 and 100 Day Moving Averages

Hourly Update

(Last Updated October 13, 2020 2:18 GMT)

At the moment, EURSEK’s rate is up 56 pips (0.05%) from the hour prior. This is the 2nd consecutive hour EURSEK has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURSEK End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of EURSEK’s 3 day down streak; price ended yesterday up 84 pips (0.08%) to finish the day at a rate of 10.3873. Relative to other instruments in the Forex asset class, EURSEK ranked 13th yesterday in terms of percentage price change. Below is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Coming into today the current price of EURSEK is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 60.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 9 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.