EUR/SEK Down 52 Pips in Last Hour, Moves Down For the 6th Straight Day; Nears 50 and 100 Day Moving Averages

Hourly Update

(Last Updated July 19, 2022 1:39 GMT)

At the time of this writing, EURSEK’s rate is down -52 pips (-0.05%) from the hour prior. The hourly chart shows that EURSEK has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURSEK. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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)

EURSEK is down 259 pips (0.24%) since the previous day (opening today near 10.5503), marking the 6th straight day a decrease has occurred. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 32nd in terms of percentage change since the previous day. The price chart of EURSEK below illustrates.

EURSEK

EURSEK Technical Analysis

Notably, EURSEK is now close to its 20, 50, 100 and 200 day averages, located at 10.6743, 10.5907, 10.5162 and 10.3867 respectively, and thus may be at a key juncture along those timeframes. 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 14 days EURSEK’s price has gone down 8 them.