EURSEK closes within previous day's range

Euro/Swedish Krona (EURSEK) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team


EURSEK closes below its opening price unable to hold early session gains
EURSEK finds buyers at key support level
EURSEK still stuck within tight trading range
EURSEK closes within previous day's range


EURSEK finished Thursday at 10.9973 losing 3 pips (-0.0%). Trading 885 pips higher after the open, the currency was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on Monday, EURSEK lost -1.49% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.

Daily Candlestick Chart (EURSEK as at Mar 26, 2020):

Daily technical analysis candlestick chart for Euro/Swedish Krona (EURSEK) as at Mar 26, 2020

Thursday's trading range has been 1679 pips (1.53%), that's slightly below the last trading month's daily average range of 1838 pips. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for EURSEK. Prices continued to consolidate within a tight trading range between 10.8685 and 11.2069 where it has been caught now for the whole last trading week.

Three candlestick patterns are matching today's price action, the Doji, the Long-Legged Doji and the Rickshaw-Man which are known as neutral patterns.

After trading down to 10.9182 earlier during the day, the pair bounced off the key technical support level at 10.9525 (S1). The failure to close below the support might increase that levels significance as support going forward.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Selling could accelerate should prices move below the nearby swing low at 10.8685 where further sell stops might get triggered.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Rickshaw-Man" stand out. Though it is usually interpreted as neutral, it has actually shown to be bearish for EUR/SEK. Out of 36 times, EURSEK closed lower 61.11% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after eight trading days, showing a win rate of 58.33% with an average market move of -0.14%.

With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are GBPUSD gaining 2.72% and NZDUSD closing 1.88% higher. On the flipside the worst performers have been USDCHF closing -1.43% lower and USDJPY losing -1.42%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been GBPHKD surging 2.72% and GBPZAR closing 2.65% higher. The worst performers of the day have been USDMXN tanking -4.12% and USDNOK closing -3.12% lower. Read more

Market Conditions for EURSEK as at Mar 26, 2020

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