EURSEK Down 3 Pips On Hourly Chart, 2 Day Up Streak Broken; Breaks Below 50 Day Average

Hourly Update

(Last Updated September 3, 2021 2:18 GMT)

At the time of this writing, EURSEK’s rate is down -3 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 50 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)

The choppiness in the recent daily price action of EURSEK continues; to start today, it came in at a price of 10.17669, down 217 pips (0.21%) since the day prior. Relative to other instruments in the Forex asset class, EURSEK ranked 31st the day prior in terms of percentage price change. Let’s take a look at price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

First things first: EURSEK crossed below its 50 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 8 out of the past 14 days.