EURSEK Down 5 Pips On Hourly Chart, in an Uptrend Over Past 30 Days; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated July 22, 2021 3:19 GMT)

Currently, EURSEK’s rate is down -5 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. 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 entered today at 10.2495, up 52 pips (0.05%) from the day prior. Out of the 39 instruments in the Forex asset class, EURSEK ended up ranking 19th 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, 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 692.1 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 11 out of the past 14 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.