(Last Updated September 6, 2021 23:18 GMT)
Currently, EURSEK’s rate is down -32 pips (-0.03%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURSEK has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning below it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
EURSEK End of Day Recap
Updated 00:30 GMT (04:30 EST)
EURSEK is down 242 pips (0.24%) since the day prior (opening today near 10.1525), marking the 2nd day in a row it has gone down. Out of the 39 instruments in the Forex asset class, EURSEK ended up ranking 34th for the day in terms of price change. Below is a price chart of EURSEK.
EURSEK Technical Analysis
First things first: EURSEK crossed below its 100 day moving average yesterday. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days EURSEK’s price has gone up 7 them.