EURSEK Up 36 Pips in Last Hour, Price Base in Formation Over Past 90 Days; is Inching Close to 200 Day Average

Hourly Update

(Last Updated April 6, 2021 2:19 GMT)

Currently, EURSEK’s rate is up 36 pips (0.04%) from the hour prior. EURSEK has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 10.2818, up 168 pips (0.16%) from the previous day. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 13th in terms of percentage change since the previous day. Let’s take a look at price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Notably, the current price of EURSEK is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 200 day average, which is 308 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.