EUR/SEK Up 11 Pips in Last Hour, Crosses 100 Day Moving Average; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated September 8, 2021 1:47 GMT)

At the time of this writing, EURSEK’s rate is up 11 pips (0.01%) from the hour prior. This is the 2nd hour in a row EURSEK has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURSEK. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)

EURSEK is up 119 pips (0.12%) since yesterday (opening today near 10.1724), marking the 2nd day in a row it has gone up. Out of the 39 instruments in the Forex asset class, EURSEK ended up ranking 21st for the day in terms of price change. The price chart of EURSEK below illustrates.

EURSEK

EURSEK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURSEK crossed above its 100 day moving average yesterday. 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 8 out of the past 14 days.