(Last Updated February 15, 2021 23:19 GMT)
Currently, EURSEK’s rate is down 3 pips (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar 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 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 back and forth price flow continues for EURSEK, which started today off at 10.06219, down 300 pips 0.3% from yesterday. Relative to other instruments in the Forex asset class, EURSEK ranked 36th yesterday in terms of percentage price change. The price chart of EURSEK below illustrates.
EURSEK Technical Analysis
Coming into today EURSEK is now close to its 20, 50, 100 and 200 day averages, located at 10.1033, 10.1221, 10.2266 and 10.3197 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 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 8 out of the past 14 days.