EURSEK Down 22 Pips in Last Hour, Moves Down For the 3rd Consecutive Day; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated February 17, 2021 23:19 GMT)

Currently, EURSEK’s rate is down -22 pips (-0.02%) 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 50 hour timeframe. 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 76 pips (0.08%) since the day prior (opening today near 10.03689), marking the 3rd consecutive day it has gone down. Relative to other instruments in the Forex asset class, EURSEK ranked 30th the day prior in terms of percentage price change. Let’s take a look at price chart of EURSEK.

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. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 30 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 14 days EURSEK’s price has gone down 8 them.