EURSEK Up 56 Pips On Hourly Chart, Makes Big Move Relative to Past Month; Moves Down For the 2nd Straight Day

Hourly Update

(Last Updated October 12, 2021 0:19 GMT)

At the time of this writing, EURSEK’s rate is up 56 pips (0.06%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. 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 an uptrend on the 20 and 10 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 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 378 pips (0.37%) since the previous day (opening today near 10.1126), marking the 2nd straight day it has gone down. Relative to other instruments in the Forex asset class, EURSEK ranked 32nd the previous day in terms of percentage price change. The price chart of EURSEK below illustrates.

EURSEK

EURSEK Technical Analysis

Notably, EURSEK crossed below its 200 day moving average yesterday. 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 366 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. For additional context, note that price has gone up 15 out of the past 30 days.