SEKEUR breaks below Thursday's low


Swedish Krona/Euro (SEKEUR) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team

Highlights

SEKEUR breaks back below 50-day moving average
SEKEUR closes lower for the 2nd day in a row
SEKEUR breaks below Thursday's low

Overview

Moving lower for the 2nd day in a row, SEKEUR ended the week 0.42% higher at 0.0950 after losing 4 pips (-0.42%) today. Closing below Thursday's low at 0.0952, the currency confirmed its breakout through the prior session low after trading up to 4 pips below it intraday.

Daily Candlestick Chart (SEKEUR as at Feb 14, 2020):

Daily technical analysis candlestick chart for Swedish Krona/Euro (SEKEUR) as at Feb 14, 2020

Friday's trading range has been 6 pips (0.63%), that's above the last trading month's daily average range of 5 pips. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for SEKEUR.

One bearish candlestick pattern matches today's price action, the Black Candle.

The market closed back below the 50-day moving average at 0.0950. When this moving average was crossed below the last time on January 15th, SEKEUR lost -0.11% on the following trading day.

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

With prices trading close to this year's high at 0.0957, upside momentum could speed up should the pair be able to break out to new highs for the year.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed below last periods low" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for SEK/EUR. Out of 481 times, SEKEUR closed higher 49.27% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 56.55% with an average market move of 0.22%.


Market Conditions for SEKEUR as at Feb 14, 2020

Loading Market Conditions for SEKEUR (Swedish Krona/Euro)...
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