EURSEK Down 1 Pips in Last Hour, Crosses 50 Day Moving Average; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated October 14, 2020 2:17 GMT)

Currently, EURSEK’s rate is down 1 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Of note is that the 50 hour changed directions on EURSEK; it is now pointing up. 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)

The choppiness in the recent daily price action of EURSEK continues; to start today, it came in at a price of 10.3628, down 245 pips (0.24%) since the previous day. Relative to other instruments in the Forex asset class, EURSEK ranked 23rd the previous day in terms of percentage price change. Below is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURSEK crossed below its 50 day moving average 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 50 day average, which is 129.6 pips away. The clearest trend exists on the 14 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 30 day timeframe. Price action traders in particular will want to note that the 90 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 30 days EURSEK’s price has gone down 16 them.