EUR/SEK Up 50 Pips in Last Hour, in an Uptrend Over Past 90 Days; Eyes 20 and 50 Day Averages

Hourly Update

(Last Updated November 23, 2022 2:23 GMT)

At the time of this writing, EURSEK’s rate is up 50 pips (0.05%) from the hour prior. The hourly chart shows that EURSEK has seen 2 straight up hours. 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)

The back and forth price flow continues for EURSEK, which started today off at 10.9415, down 279 pips 0.25% from yesterday. Out of the 39 instruments in the Forex asset class, EURSEK ended up ranking 27th for the day in terms of price change. The price chart of EURSEK below illustrates.

EURSEK

EURSEK Technical Analysis

The first thing we should note is that EURSEK is now close to its 20, 50 and 100 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 50 day average, which is 448.9 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish 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. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. For additional context, note that price has gone up 8 out of the past 14 days.

The View From Around the Web

Not much commentary on EURSEK that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EURSEK Entry Price 10.96633 Target Price 11.02028 https://www.tradingview.com/x/n2on3z3g