EURSEK Up 14 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated January 15, 2021 3:20 GMT)

At the time of this writing, EURSEK’s rate is up 14 pips (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 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 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 entered today at 10.0935, down 458 pips (0.45%) from the day prior. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 32nd in terms of percentage change since the day prior. The price chart of EURSEK below illustrates.

EURSEK

EURSEK Technical Analysis

Coming into today EURSEK is now close to its 20, 50 and 100 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 5 out of the past 10 days.