EUR/SEK Up 50 Pips On Hourly Chart, in a Downtrend Over Past 30 Days; is Inching Close to 20 Day Average

Hourly Update

(Last Updated November 16, 2021 1:47 GMT)

At the time of this writing, EURSEK’s rate is up 50 pips (0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 choppiness in the recent daily price action of EURSEK continues; to start today, it came in at a price of 10.0065, down 176 pips (0.18%) since yesterday. Out of the 39 instruments in the Forex asset class, EURSEK ended up ranking 24th for the day in terms of price change. Here is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Coming into today 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 20 day average, which is 433.3 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 9 out of the past 14 days.