EUR/SEK Up 22 Pips On Hourly Chart, 3 Day Down Streak Broken; is Inching Close to 200 Day Average

Hourly Update

(Last Updated August 2, 2022 1:39 GMT)

At the time of this writing, EURSEK’s rate is up 22 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 50 hour timeframe. 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)

After 3 down days, EURSEK snaps its streak, rising 110 pips (0.11%) over the past day to close at an exchange rate of 10.3809. Out of the 39 instruments in the Forex asset class, EURSEK ended up ranking 16th for the day in terms of price change. Here is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Notably, EURSEK is now close to its 20, 50, 100 and 200 day averages, located at 10.5354, 10.5708, 10.4857 and 10.4062 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 200 day average, which is 253.3 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 10 days EURSEK’s price has gone down 7 them. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.