EUR/SEK Up 53 Pips Over Past Hour, Moves Up For the 8th Straight Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated June 15, 2022 1:42 GMT)

At the time of this writing, EURSEK’s rate is up 53 pips (0.05%) from the hour prior. EURSEK has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. 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 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 up 117 pips (0.11%) since yesterday (opening today near 10.6193), marking the 8th straight day it has gone up. Out of the 39 instruments in the Forex asset class, EURSEK ended up ranking 18th 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 20 day average, which is 1068.2 pips away. Or to simplify this another way, note that out of the past 30 days EURSEK’s price has gone up 15 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.