EURSEK Up 21 Pips in Last Hour, Came Into Today Down For the 3rd Straight Day; Nears 20 and 50 Day Moving Averages

Currently, EURSEK’s rate is up 21 pips (0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. 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 NA pips (0.44%) since yesterday (opening today near 10.30498), marking the 3rd straight day a decrease has occurred. Out of the 40 instruments in the Forex asset class, EURSEK ended up ranking 32nd for the day in terms of price change. Below is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Coming into today EURSEK is now close to its 20, 50, 100 and 200 day averages, located at 10.3003, 10.3564, 10.4964 and 10.5639 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 14 and 30 day timeframes. Or to simplify this another way, note that out of the past 14 days EURSEK’s price has gone up 7 them.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram