EUR/SEK Down 8 Pips On Hourly Chart, Moves Down For the 2nd Straight Day; Crosses 200 Day Moving Average

Hourly Update

(Last Updated July 29, 2022 1:40 GMT)

At the time of this writing, EURSEK’s rate is down -8 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURSEK has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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)

EURSEK is down 204 pips (0.2%) since the day prior (opening today near 10.402), marking the 2nd straight day a decrease has occurred. Relative to other instruments in the Forex asset class, EURSEK ranked 19th the day prior in terms of percentage price change. Let’s take a look at price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURSEK crossed below its 200 day moving average yesterday. 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 3.5 pips away. 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 12 them.