EURSEK Down 38 Pips On Hourly Chart, Makes Big Move Relative to Past Month; 2 Day Up Streak Broken

Hourly Update

(Last Updated September 4, 2020 9:51 GMT)

At the moment, EURSEK’s rate is down -38 pips (-0.04%) 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 100 hour timeframe. 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)

The choppiness in the recent daily price action of EURSEK continues; to start today, it came in at a price of 10.3225, down 122 pips (0.12%) since yesterday. Relative to other instruments in the Forex asset class, EURSEK ranked 21st yesterday in terms of percentage price change. Here is a price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Notably, EURSEK is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. For additional context, note that price has gone down 5 out of the past 10 days. Also, candlestick traders! Note we see doji pattern appearing here as well.


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