EURSEK Up 61 Pips Over Past Hour, 3 Day Down Streak Broken; Crosses 100 Day Moving Average

Hourly Update

(Last Updated April 30, 2021 4:20 GMT)

Currently, EURSEK’s rate is up 61 pips (0.06%) from the hour prior. This is the 2nd consecutive hour EURSEK has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 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 down streak; price ended the day prior up 346 pips (0.34%) to finish the day at a rate of 10.14455. Relative to other instruments in the Forex asset class, EURSEK ranked 5th the day prior in terms of percentage price change. The price chart of EURSEK below illustrates.

EURSEK

EURSEK Technical Analysis

Notably, EURSEK crossed above its 100 day moving average yesterday. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 50 day average, which is 82.8 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone up 5 out of the past 10 days.