EUR/SEK Up 27 Pips On Hourly Chart, Entered Today Down For the 6th Straight Day; is Inching Close to 20 Day Average

Hourly Update

(Last Updated October 5, 2020 16:24 GMT)

At the moment, EURSEK’s rate is up 0.0027 (0.03%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURSEK has now gone up 5 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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, 10 and 5 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 142 pips (0.14%) since the day prior (opening today near 10.45365), marking the 6th straight day a decline has happened. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 25th in terms of percentage change since the day prior. The price chart of EURSEK below illustrates.

EURSEK

EURSEK Technical Analysis

Notably, 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 20 day average, which is 138.8 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days EURSEK’s price has gone down 16 them.