EUR/SEK Down 4 Pips in Last Hour, Moves Down For the 3rd Straight Day; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated January 14, 2022 1:42 GMT)

At the time of this writing, EURSEK’s rate is down -4 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend 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)

EURSEK is down 11 pips (0.01%) since yesterday (opening today near 10.2289), marking the 3rd straight day a decline has happened. 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

Coming into today EURSEK is now close to its 20, 50, 100 and 200 day averages, located at 10.2797, 10.2048, 10.1525 and 10.1564 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 50 day average, which is 240.8 pips away. It should be noted, though, the 200 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 30 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 8 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.