EURSEK Down 5 Pips On Hourly Chart, in a Downtrend Over Past 14 Days; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated April 23, 2021 2:19 GMT)

Currently, EURSEK’s rate is down -5 pips (0%) from the hour prior. EURSEK has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURSEK. Given that we see an uptrend 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 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)

The choppiness in the recent daily price action of EURSEK continues; to start today, it came in at a price of 10.13, up 137 pips (0.14%) since yesterday. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 10th in terms of percentage change since yesterday. Let’s take a look at price chart of EURSEK.

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 51.5 pips away. 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. 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 10 days EURSEK’s price has gone down 6 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.