EURSEK Up 22 Pips Over Past Hour, Nears 20, 100 and 200 Day Moving Averages; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated July 14, 2021 0:19 GMT)

Currently, EURSEK’s rate is up 22 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURSEK. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 10.18225, up 15 pips (0.01%) from yesterday. Relative to other instruments in the Forex asset class, EURSEK ranked 21st yesterday in terms of percentage price change. Here is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Notably, 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 200 day average, which is 119.7 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days EURSEK’s price has gone up 8 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!