(Last Updated September 23, 2021 2:3 GMT)
At the time of this writing, EURSEK’s rate is down 4 pips (0%) 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 20 hour timeframe. 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 back and forth price flow continues for EURSEK, which started today off at 10.1623, down 228 pips 0.22% from the day prior. Out of the 39 instruments in the Forex asset class, EURSEK ended up ranking 28th for the day in terms of price change. Here is a price chart of EURSEK.
EURSEK Technical Analysis
First things first: EURSEK crossed below its 20 and 100 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 100 day average, which is 33 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. 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. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 7 out of the past 14 days.