EURSEK Down 99 Pips in Last Hour; Breaks Above 20 Day Average

At the time of this writing, EURSEK’s rate is down -99 pips (-0.1%) from the hour prior. The hourly chart shows that EURSEK has seen 2 straight down hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. 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)

EURSEK entered today at 10.3076, up 494 pips (0.48%) from the previous day. Out of the 40 instruments in the Forex asset class, EURSEK ended up ranking 10th for the day in terms of price change. Here is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Notably, EURSEK crossed above its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 30 days EURSEK’s price has gone up 16 them. Moreover, we’re also seeing a bullish engulfing pattern; this may be especially noteworthy in light of the downtrend on the 90 and 30 day charts, as in this context the bullish engulfing candles may indicate the bear trend may be ending.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram