EURSEK Down 3 Pips in Last Hour, Price Base in Formation Over Past 90 Days; is Inching Close to 20, 50 and 100 Day Averages

Hourly Update

(Last Updated October 9, 2020 2:18 GMT)

At the time of this writing, EURSEK’s rate is down 3 pips (0%) from the hour prior. EURSEK has seen its price go down 9 out of the past 10 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 50 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 and 10 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)

EURSEK is down 278 pips (0.27%) since the previous day (opening today near 10.418), marking the 2nd consecutive day it has gone down. Out of the 40 instruments in the Forex asset class, EURSEK ended up ranking 31st for the day in terms of price change. Below is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Coming into today EURSEK is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 100 day average, which is 216.3 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days EURSEK’s price has gone up 15 them.