EUR/SEK Up 55 Pips in Last Hour, Came Into Today Down For the 2nd Day In A Row; is Inching Close to 50 Day Average

Hourly Update

(Last Updated July 13, 2022 1:39 GMT)

At the moment, EURSEK’s rate is up 55 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 100 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 down 683 pips (0.64%) since the previous day (opening today near 10.611), marking the 2nd day in a row a decrease has occurred. Relative to other instruments in the Forex asset class, EURSEK ranked 38th the previous day in terms of percentage price change. Below 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. Volatility for EURSEK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 6 out of the past 10 days.