EUR/SEK Down 9 Pips Over Past Hour, Price Base in Formation Over Past 14 Days; Nears 20 Day Moving Average

Hourly Update

(Last Updated June 13, 2022 1:39 GMT)

At the time of this writing, EURSEK’s rate is down -9 pips (-0.01%) from the hour prior. This is the 2nd straight hour EURSEK has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend 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)

EURSEK is up 146 pips (0.14%) since yesterday (opening today near 10.54629), marking the 6th consecutive day an increase has occurred. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 11th in terms of percentage change since yesterday. Below is a price chart of EURSEK.

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 10.4994, 10.4305, 10.4795 and 10.321 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 20 day average, which is 469.1 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days EURSEK’s price has gone up 7 them.