EURSEK Down 86 Pips in Last Hour, Came Into Today Down For the 2nd Consecutive Day; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated September 18, 2020 23:16 GMT)

At the moment, EURSEK’s rate is down -86 pips (-0.08%) from the hour prior. EURSEK has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURSEK. Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Most noteworthy in the world of moving averages on the hourly chart is that the 200 hour moving average has been crossed, so that price is now turning below it. 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)

EURSEK is down 25 pips (0.02%) since the previous day (opening today near 10.38716), marking the 2nd consecutive day a decrease has occurred. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 21st in terms of percentage change since the previous day. The price chart of EURSEK below illustrates.

EURSEK

EURSEK Technical Analysis

Notably, EURSEK is now close to its 20, 50, 100 and 200 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 100 day average, which is 301.3 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 10 days EURSEK’s price has gone up 6 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURSEK; just 1 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