EURSEK Down 42 Pips On Hourly Chart; Breaks Above 50 Day Average
Notice the large sell off and buyers stepping in on the retest already.
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.
EURSEK Up 247 Pips Over Past Hour, Crosses 50 Day Moving Average; Price Base in Formation Over Past 14 Days
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.
EURSEK Up 80 Pips in Last Hour, in a Downtrend Over Past 90 Days; Price Base in Formation Over Past 14 Days
Of note is that the 20 hour changed directions on eursek; it is now pointing up.
EURSEK Down 38 Pips On Hourly Chart, Makes Big Move Relative to Past Month; 2 Day Up Streak Broken
For additional context, note that price has gone down 5 out of the past 10 days.
EURSEK Down 4 Pips On Hourly Chart, Makes Big Move Relative to Past Month; is Inching Close to 20 and 50 Day Averages
This is a reversal of the price action on the previous hour, in which price moved up.
EURSEK Down 23 Pips in Last Hour, Breaks Above 20 Day Average; in a Downtrend Over Past 90 Days
Regarding the trend, note that the strongest trend exists on the 100 hour timeframe.
EURSEK Down 99 Pips in Last Hour; Breaks Above 20 Day Average
At the time of this writing, eursek’s rate is down -99 pips (-0.1%) from the hour prior.
EURSEK Up 21 Pips in Last Hour, Came Into Today Down For the 3rd Straight Day; Nears 20 and 50 Day Moving Averages
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
EUR/SEK Up 175 Pips in Last 4 Hours, is Inching Close to 50 Day Average; Pin Bar Pattern Appearing on Chart
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
EUR/SEK Up 122 Pips in Last 4 Hours, Came Into Today Up For the 2nd Consecutive Day; Eyes 50 Day Average
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.