EURSEK

(Last Updated September 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:

The Trend

A trend/countertrend situation exists on EURSEK, in which an uptrend exists on shorter timeframes but a downtrend appears on the 90 day timeframe. As such, traders with short positions should be aware of the downtrend in place on the longer timeframes.

EURSEK Moving Averages

EURSEK’s moving averages suggest the trend on a number of time horizons is bearish. Moreover, today we saw the 20 moving average turn bearish.

The chart below illustrates.

As for assets in the Forex asset class EURSEK has been correlated to over the past week, it has been most correlated with USDHKD. Over the past 14 days, however, CADJPY is the asset most correlated to EURSEK. On the flip side, the asset least correlated with EURSEK over the past week has been USDNOK, but if we observe the prior two weeks, USDCHF 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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The View From the Weekly Timeframe

Currently, EURSEK’s rate is down -0.0274 (-0.26%) from the week prior. Moreover, note that this move is a reversal from the week prior, which saw price move up. As for the trend on the weekly timeframe, we see the clearest trend on the 20 week 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 weekly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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. The weekly chart below shows EURSEK’s price action over the past year.