EUR/SEK Up 41 Pips in Last Hour, 2 Day Down Streak Snapped; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated June 22, 2022 1:42 GMT)

At the time of this writing, EURSEK’s rate is up 41 pips (0.04%) from the hour prior. This is the 2nd consecutive hour EURSEK has seen its price head up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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)

The choppiness in the recent daily price action of EURSEK continues; to start today, it came in at a price of 10.6371, up 67 pips (0.06%) since the previous day. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 21st 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 and 100 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 852.9 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up 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. For additional context, note that price has gone up 16 out of the past 30 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.