(Last Updated January 8, 2021 3:19 GMT)
At the moment, EURSEK’s rate is down -11 pips (-0.01%) 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. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURSEK. Given that we see downtrend 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
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 10.0429, down 189 pips (0.19%) since yesterday. Relative to other instruments in the Forex asset class, EURSEK ranked 29th yesterday in terms of percentage price change. Let’s take a look at price chart of EURSEK.
EURSEK Technical Analysis
The first thing we should note is that the current price of EURSEK is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. For additional context, note that price has gone down 9 out of the past 14 days.