EUR/SEK Up 92 Pips Over Past Hour, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 22, 2022 1:41 GMT)

At the moment, EURSEK’s rate is up 92 pips (0.08%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. 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 doji 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 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 10.9694, up 64 pips (0.06%) since the previous day. Compared to its peers in the Forex, EURSEK gave its buyers a return that ranked 19th in terms of percentage change since the previous day. Here is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Coming into today EURSEK is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 784.8 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 30 days EURSEK’s price has gone up 15 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.