EURSEK Down 42 Pips On Hourly Chart; Breaks Above 50 Day Average

Hourly Update

(Last Updated September 9, 2020 15:16 GMT)

At the time of this writing, EURSEK’s rate is down -42 pips (-0.04%) 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. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURSEK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURSEK entered today at 10.35323, up 270 pips (0.26%) from the previous day. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 6th in terms of percentage change since the previous day. The price chart of EURSEK below illustrates.


EURSEK Technical Analysis

Notably, EURSEK crossed above its 50 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 10 days EURSEK’s price has gone down 5 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURSEK; just 1 sell signals and 2 buy signals. This imputes a buy/sell ratio of 2, which is bullish. Here’s a piece we found on; below is a short snippet from it to give you a taste.

USDNOK has been one of my favourite Dollar pairs I have kept tabs on ever since the DXY was showing signs of a reversal. This market structure analysis can be used for ANY MARKET since ALL MARKETS move the same three ways.USDNOK was in a long downtrend with multiple lower highs and lower lows. Price then began to base/range/consolidate. This was a sign that the downtrend was over or was exhausting as no new lower lows were being made. Scrolling back, price did find support at an important support/flip zone of 8.60.The trigger for an entry is the breakout. We wanted a nice clean and strong breakout. This occurred with today’s daily candle. Placing my stop loss just below the daily candle, and targeting the 9.20 zone. A good risk vs reward set up. is very similar. A lot of market structure confluences. We have had the break out too. Notice the large sell off and buyers stepping in on the retest already. Similar approach: A stop loss below the daily breakout, and targeting the 10.55 zone.As a bonus, I was watching USDNOK too. had a nice long downtrend with multiple swings, which hit a large support/flip zone at 8.70. From here, I was watching for an inverse head and shoulders reversal pattern. Unfortunately, we did not get that. BUT we did get a close above the previous lower high (9.0355) zone meaning the downtrend is officially over. What I would like to see now is our first HIGHER LOW in this new uptrend, and this will provide us with an opportunity to enter, and we can place our stop loss below this higher low. Ideally, we would like this higher low to be formed with a retest of the breakout zone.

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