EUR/SEK Up 349 Pips, Breaks Above 50 Average; in a Downtrend Over Past 14 Days

EUR/SEK Price Recap

EUR/SEK is up 349 pips (0.33%) since yesterday (with its current price near 10.5203), marking the 2nd day in a row an upward move has occurred. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 13.47% from the day before — and down 23.93% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/SEK ranked 3rd yesterday in terms of percentage price change. Here is a price chart of EUR/SEK.

EUR/SEK Technical Analysis

First things first: EUR/SEK crossed above its 50 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 50 day average, which is 11.1 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days EUR/SEK’s price has gone down 8 them.

A final note on correlations: over the past week, EUR/SEK has been most correlated with EUR/CHF — not terribly surprising, given that EUR is in both currency pairs. Alternatively, regarding pairs with the lowest correlation to EUR/SEK? Well, that belongs to AUD/NZD over the past 7 days, but GBP/NZD over a two week period.

The View From Around the Web

Not much commentary on EURSEK that we’re finding noteworthy here; are y’all just scared to put out an opinion? 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

After breaking a key support structure that was tested multiple times and coming back to it, we might see selling pressure to push price at least to the last swing low formed.