EUR/SEK Up 67 Pips On Hourly Chart, in an Uptrend Over Past 90 Days; Nears 50 Day Moving Average

Hourly Update

(Last Updated July 15, 2022 1:43 GMT)

At the time of this writing, EURSEK’s rate is up 67 pips (0.06%) from the hour prior. This move is a reversal from the hour prior, which saw price move 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 doji candlestick pattern on EURSEK. Given that we see downtrend 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)

EURSEK is down 80 pips (0.08%) since yesterday (opening today near 10.595), marking the 4th day in a row a decrease has occurred. Out of the 39 instruments in the Forex asset class, EURSEK ended up ranking 30th for the day in terms of price change. Let’s take a look at price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

The first thing we should note is that EURSEK is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days EURSEK’s price has gone up 20 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.