(Last Updated October 6, 2020 15:16 GMT)
Currently, EURSEK’s rate is down -94 pips (-0.09%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Of note is that the 200 hour changed directions on EURSEK; it is now pointing down. 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, which opened today priced near 10.4725, is up 189 pips 0.18% since the previous day, marking a reversal from the day prior — and the end of a 6 day negative run. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 20th in terms of percentage change since the previous day. The price chart of EURSEK below illustrates.
EURSEK Technical Analysis
Coming into today 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 20 day average, which is 267.7 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days EURSEK’s price has gone down 15 them.