(Last Updated August 5, 2022 1:41 GMT)
At the time of this writing, EURSEK’s rate is down -61 pips (-0.06%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend 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 downtrend on the 20 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 135 pips (0.13%) since the day prior (opening today near 10.3641), marking the 2nd consecutive day a decline has happened. Relative to other instruments in the Forex asset class, EURSEK ranked 24th the day prior in terms of percentage price change. Below is a price chart of EURSEK.
EURSEK Technical Analysis
The first thing we should note is that EURSEK is now close to its 20, 50, 100 and 200 day averages, located at 10.4829, 10.5622, 10.4838 and 10.4125 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 200 day average, which is 484 pips away. 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. Or to simplify this another way, note that out of the past 30 days EURSEK’s price has gone down 19 them.