EURSEK Down 27 Pips in Last Hour; Crosses 20 Day Moving Average

Hourly Update

(Last Updated April 9, 2021 3:19 GMT)

At the time of this writing, EURSEK’s rate is down -27 pips (-0.03%) from the hour prior. EURSEK has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend 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 downtrend on the 20 and 10 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 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)

The choppiness in the recent daily price action of EURSEK continues; to start today, it came in at a price of 10.17039, down 732 pips (0.71%) since the day prior. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 37th in terms of percentage change since the day prior. Below is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

First things first: EURSEK crossed below its 20 day moving average yesterday. 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 218 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. 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 9 out of the past 14 days. We’re also seeing a bearish engulfing pattern form over the past two candles, which suggests the uptrend on the 30 day