EUR/SEK Up 45 Pips Over Past Hour, Came Into Today Up For the 9th Straight Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated June 16, 2022 1:41 GMT)

At the time of this writing, EURSEK’s rate is up 45 pips (0.04%) from the hour prior. This is the 2nd hour in a row EURSEK has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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)

EURSEK is up 111 pips (0.1%) since yesterday (opening today near 10.6304), marking the 9th straight day an upward move has occurred. Relative to other instruments in the Forex asset class, EURSEK ranked 17th yesterday in terms of percentage price change. Let’s take a look at price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

The first thing we should note is that EURSEK is now close to its 20, 50 and 100 day averages, located at 10.5182, 10.4487 and 10.484 respectively, and thus may be at a key juncture along those timeframes. 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 1122.1 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days EURSEK’s price has gone up 16 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.