(Last Updated October 21, 2020)
Hello! This is the news page for EURSEK. Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
Perhaps the most noteworthy trend we’re seeing on EURSEK is at the 14 day level, where a clear downtrend is apparent.
EURSEK’s moving averages tell a multi-facted story about its trend. Out of the moving averages we’re monitoring (20, 50, 100, and 200 days), all but the 50 are bearish, suggesting the trend is generally downward, save for a rally that occurred about 2 months ago.
Below is a chart showing EURSEK’s price with its moving averages.
In terms of correlations over the past week for EURSEK, it has been most correlated with EURCAD. EURSEK has been most correlated with EURCAD over the past 14 days also, so this may be a structural correlation in the market. On the flip side, USDCNH has been the asset least correlated with EURSEK — but over the past two weeks, EURJPY has been the asset least correlated with EURSEK. See the chart below to observe the recent price action in EURSEK versus those of assets it hasn’t been well correlated with.
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At the moment, EURSEK’s rate is down -0.0203 (-0.2%) from the week prior. It’s been a feast for bears operating on the weekly timeframe, as EURSEK has now gone down 4 of the past 5 weeks. From a weekly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 5, 10 and 20 week timeframes. Looking further out, the moving averages on the weekly timeframe suggest a bullishness in price, as the 20 and 50 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. EURSEK’s weekly price action over the past 52 weeks can be seen via the chart below.
Clearest trend on the monthly is apparent at the 120 month timeframe.
Price action traders in particular will want to note that the 30 and 90 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing.
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 100 day average, which is 22.3 pips away.
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.
Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward.
This move is a reversal from the hour prior, which saw price move down.
The closest is the 50 day average, which is 129.6 pips away.
The clearest trend exists on the 14 day timeframe, which shows price moving down over that time.
It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign.
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.