EUR/SEK Up 53 Pips On Hourly Chart; Nears 20, 50 and 100 Day Moving Averages

Hourly Update

(Last Updated June 6, 2022 1:42 GMT)

At the moment, EURSEK’s rate is up 53 pips (0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURSEK. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 10.46249, up 399 pips (0.38%) since the previous day. Relative to other instruments in the Forex asset class, EURSEK ranked 11th the previous day in terms of percentage price change. Below is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Notably, EURSEK is now close to its 20, 50, 100 and 200 day averages, located at 10.5149, 10.416, 10.4717 and 10.3126 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 100 day average, which is 92.1 pips away. For additional context, note that price has gone down 17 out of the past 30 days.