EUR/SEK Up 78 Pips On Hourly Chart, Crosses 20 Day Moving Average; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated July 12, 2022 1:40 GMT)

At the time of this writing, EURSEK’s rate is up 78 pips (0.07%) from the hour prior. This is the 2nd straight hour EURSEK has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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)

The choppiness in the recent daily price action of EURSEK continues; to start today, it came in at a price of 10.6793, down 257 pips (0.24%) since the previous day. Relative to other instruments in the Forex asset class, EURSEK ranked 20th the previous day in terms of percentage price change. Below 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 day moving average yesterday. 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 up. Or to simplify this another way, note that out of the past 10 days EURSEK’s price has gone up 7 them.