(Last Updated January 1, 2021 3:19 GMT)
At the time of this writing, EURSEK’s rate is down -106 pips (-0.11%) from the hour prior. The hourly chart shows that EURSEK has seen 2 straight down hours. 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 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. Of note is that the 50 hour changed directions on EURSEK; it is now pointing down. 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 10.04042, down 304 pips (0.3%) since the previous day. Relative to other instruments in the Forex asset class, EURSEK ranked 31st the previous day in terms of percentage price change. Below is a 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 and 50 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 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 7 out of the past 10 days.