EUR/SEK Down 77 Pips On Hourly Chart; is Inching Close to 50 Day Average

Hourly Update

(Last Updated November 15, 2021 1:38 GMT)

At the moment, EURSEK’s rate is down -77 pips (-0.08%) 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 20 hour timeframe. 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)

The choppiness in the recent daily price action of EURSEK continues; to start today, it came in at a price of 10.0241, up 465 pips (0.47%) since the previous day. Out of the 39 instruments in the Forex asset class, EURSEK ended up ranking 5th for the day in terms of price change. Let’s take a look at price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Coming into today EURSEK is now close to its 20, 50, 100 and 200 day averages, located at 9.9657, 10.0742, 10.1364 and 10.135 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 50 day average, which is 500.9 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. 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. Or to simplify this another way, note that out of the past 14 days EURSEK’s price has gone down 9 them.