EUR/SEK Up 16 Pips On Hourly Chart, Came Into Today Down For the 3rd Day In A Row; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated May 13, 2022 1:40 GMT)

At the time of this writing, EURSEK’s rate is up 16 pips (0.02%) from the hour prior. The hourly chart shows that EURSEK has seen 2 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 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 choppiness in price, as the 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 down 503 pips (0.47%) since the day prior (opening today near 10.54105), marking the 3rd day in a row it has gone down. Relative to other instruments in the Forex asset class, EURSEK ranked 24th the day prior in terms of percentage price change. The price chart of EURSEK below illustrates.

EURSEK

EURSEK Technical Analysis

The first thing we should note is that EURSEK is now close to its 20, 50, 100 and 200 day averages, located at 10.4145, 10.4314, 10.4369 and 10.2907 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 100 day average, which is 1041.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. 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. For additional context, note that price has gone down 18 out of the past 30 days.