EURSEK Up 38 Pips On Hourly Chart, Nears 50 and 100 Day Moving Averages; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated April 28, 2021 2:19 GMT)

At the time of this writing, EURSEK’s rate is up 38 pips (0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Of note is that the 100 hour changed directions on EURSEK; it is now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 91 pips (0.09%) since the day prior (opening today near 10.1203), marking the 2nd consecutive day it has gone down. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 26th in terms of percentage change since the day prior. 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 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 100 day average, which is 112 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days EURSEK’s price has gone down 9 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!