EURSEK Up 251 Pips Over Past Hour, Makes Big Move Relative to Past Month; 2 Day Up Streak Ended

Hourly Update

(Last Updated September 10, 2020 16:16 GMT)

Currently, EURSEK’s rate is up 251 pips (0.24%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURSEK has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 100 and 50 hour moving averages, resulting in them so that price is now turning above them. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 10.31868, down 768 pips 0.74% from yesterday. Relative to other instruments in the Forex asset class, EURSEK ranked 33rd yesterday in terms of percentage price change. Here is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURSEK crossed below its 20 and 50 day moving averages yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. For additional context, note that price has gone up 5 out of the past 10 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURSEK; just 3 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com that we thought you might enjoy.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram