EURSEK Down 2 Pips in Last Hour, 3 Day Up Streak Snapped; Eyes 20, 50, 100 and 200 Day Averages

Hourly Update

(Last Updated September 10, 2021 2:18 GMT)

At the moment, EURSEK’s rate is down 2 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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)

A moment of silence, please, for the end of EURSEK’s 3 day up streak; price ended yesterday down 157 pips (-0.15%) to finish the day at a rate of 10.17879. Relative to other instruments in the Forex asset class, EURSEK ranked 18th yesterday in terms of percentage price change. The price chart of EURSEK below illustrates.

EURSEK

EURSEK Technical Analysis

The first thing we should note is that the current price of EURSEK is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 10 days EURSEK’s price has gone up 5 them. Also, candlestick traders! Note we see doji pattern appearing here as well.