EUR/SEK Up 108 Pips, in a Downtrend Over Past 14 Days; Price Base in Formation Over Past 90 Days

EUR/SEK Price Recap

The back and forth price flow continues for EUR/SEK, which starts today off at 10.4854 US dollars, up 108 pips 0.1% from the previous day. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 41.79% from the day prior, and up 6.7% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/SEK ranked 15th yesterday in terms of percentage price change. Here is a price chart of EUR/SEK.

EUR/SEK Technical Analysis

Coming into today EUR/SEK is now close to its 20, 50, 100 and 200 day averages, located at 10.5634, 10.5195, 10.6162 and 10.6375 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 341.1 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. Also of note is that on a 90 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 30 days EUR/SEK’s price has gone down 15 them.

A final note on correlations: over the past week, the currency pair bearing the strongest correlation to EUR/SEK has been EUR/AUD — not terribly surprising, given that EUR is in both currency pairs. As for pairs with the least correlation, NZD/CAD is the pair that holds that distinction for the past week, while CHF/JPY does on a two week basis.

The View From Around the Web

Not much commentary on EURSEK that we’re finding noteworthy here; are y’all just scared to put out an opinion? 🙂 Here’s a piece we found on that we thought you might enjoy.