EUR/SEK Up 56 Pips Over Past Hour, 2 Day Up Streak Broken; Breaks Below 50 Day Average

Hourly Update

(Last Updated November 7, 2022 1:39 GMT)

At the moment, EURSEK’s rate is up 56 pips (0.05%) from the hour prior. This is the 2nd consecutive hour EURSEK has seen its price head up. 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 back and forth price flow continues for EURSEK, which started today off at 10.8416, down 785 pips 0.72% from the day prior. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 27th in terms of percentage change since the day prior. Let’s take a look at price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Notably, EURSEK crossed below its 50 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 14 days EURSEK’s price has gone down 8 them.