EURSEK Down 4 Pips Over Past Hour, 2 Day Up Streak Snapped; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated January 13, 2021 2:19 GMT)

At the time of this writing, EURSEK’s rate is down 4 pips (0%) from the hour prior. EURSEK has seen its price go down 5 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on EURSEK. Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 100 hour changed directions on EURSEK; it is now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)

The back and forth price flow continues for EURSEK, which started today off at 10.0633, down 211 pips 0.21% from yesterday. Out of the 40 instruments in the Forex asset class, EURSEK ended up ranking 27th for the day in terms of price change. Let’s take a look at price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Notably, EURSEK is now close to its 20, 50 and 100 day averages, located at 10.0962, 10.1706 and 10.2814 respectively, and thus may be at a key juncture along those timeframes. 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 17 out of the past 30 days.