EURSEK Down 92 Pips Over Past Hour, 4 Day Down Streak Broken; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated February 19, 2021 23:20 GMT)

At the moment, EURSEK’s rate is down -92 pips (-0.09%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURSEK has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 100 and 50 hour moving averages, resulting in them so that price is now turning below them. 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)

After 4 down days, EURSEK snaps its streak, rising 197 pips (0.2%) over the past day to close at an exchange rate of 10.04492. Out of the 39 instruments in the Forex asset class, EURSEK ended up ranking 17th for the day in terms of price change. The price chart of EURSEK below illustrates.

EURSEK

EURSEK Technical Analysis

Coming into today EURSEK is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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. For additional context, note that price has gone down 8 out of the past 14 days. Moreover, we’re also seeing a bullish engulfing pattern; this may be especially noteworthy in light of the downtrend on the 14 and 90 day charts, as in this context the bullish engulfing candles may indicate the bear trend may be ending.