EURSEK Up 79 Pips Over Past Hour, 5 Day Up Streak Snapped; Nears 20 and 100 Day Moving Averages

Hourly Update

(Last Updated March 26, 2021 1:19 GMT)

At the time of this writing, EURSEK’s rate is up 79 pips (0.08%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. 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. Most noteworthy in the world of moving averages on the hourly chart is that the 100 and 50 hour moving averages have been crossed, so that price is now turning above them. 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)

A moment of silence, please, for the end of EURSEK’s 5 day up streak; price ended yesterday down 123 pips (-0.12%) to finish the day at a rate of 10.1749. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 23rd in terms of percentage change since yesterday. The price chart of EURSEK below illustrates.

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 20 day average, which is 302.4 pips away. Volatility for EURSEK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 10 out of the past 14 days. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!