EUR/SEK Down 412 Pips, in a Downtrend Over Past 14 Days; Price Base in Formation Over Past 30 Days

EUR/SEK Price Recap

EUR/SEK is down 412 pips (0.39%) since yesterday (with its current price near 10.4746), marking the 4th day in a row a decline has happened. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 6.42% from the day before — and down 39.18% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/SEK ranked 32nd yesterday in terms of percentage price change. Below is a price chart of EUR/SEK.

EUR/SEK Technical Analysis

Notably, EUR/SEK is now close to its 20, 50, 100 and 200 day averages, located at 10.5672, 10.5209, 10.6178 and 10.6387 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 462.8 pips away. 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. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days EUR/SEK’s price has gone down 7 them.

The View From Around the Web

Not much commentary on EURSEK that we’re finding noteworthy here; are y’all just scared to put out an opinion? 🙂 Here’s a piece we found on tradingview.com that we thought you might enjoy.