EUR/SEK Up 46 Pips On Hourly Chart, Entered Today Down For the 2nd Consecutive Day; Crosses 20 and 50 Day Moving Averages

Hourly Update

(Last Updated November 24, 2022 1:41 GMT)

At the moment, EURSEK’s rate is up 46 pips (0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 50 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 down 753 pips (0.69%) since the day prior (opening today near 10.8662), marking the 2nd consecutive day a decrease has occurred. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 31st in terms of percentage change since the day prior. Let’s take a look at price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Notably, EURSEK crossed below its 20 and 50 day moving averages 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 183.1 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days EURSEK’s price has gone up 7 them.