EURSEK Up 80 Pips in Last Hour, in a Downtrend Over Past 90 Days; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated September 7, 2020 15:15 GMT)

At the time of this writing, EURSEK’s rate is up 80 pips (0.08%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURSEK. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 20 hour changed directions on EURSEK; it is now pointing up. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURSEK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURSEK entered today at 10.32623, down 243 pips (0.23%) from yesterday. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 30th in terms of percentage change since yesterday. The price chart of EURSEK below illustrates.

EURSEK

EURSEK Technical Analysis

First things first: EURSEK crossed below its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. Price action traders in particular will want to note that the 14 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 30 days EURSEK’s price has gone up 15 them.


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