(Last Updated July 13, 2021 1:18 GMT)
At the time of this writing, EURSEK’s rate is down -42 pips (-0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 and 50 hour moving averages have been crossed, with price now being below them. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
EURSEK End of Day Recap
Updated 00:30 GMT (04:30 EST)
After 4 up days, EURSEK snaps its streak, falling 9 pips (-0.01%) over the past day to close at an exchange rate of 10.18078. Relative to other instruments in the Forex asset class, EURSEK ranked 24th the previous day in terms of percentage price change. Below is a price chart of EURSEK.
EURSEK Technical Analysis
Notably, 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 200 day average, which is 90.6 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 up. Or to simplify this another way, note that out of the past 10 days EURSEK’s price has gone up 6 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.