SEKEUR still stuck within tight trading range


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

Highlights

SEKEUR unable to break through key resistance level
SEKEUR still stuck within tight trading range
SEKEUR closes within previous day's range

Overview

SEKEUR ended Thursday at 0.0909 flat. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.

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

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

Thursday's trading range has been 14 pips (1.54%), that's slightly below the last trading month's daily average range of 15 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 SEKEUR. Prices continued to consolidate within a tight trading range between 0.0892 and 0.0920 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. The last time a Rickshaw-Man showed up on March 6th, SEKEUR lost -1.80% on the following trading day.

Unable to break through the key technical resistance level at 0.0912 (R1), the pair closed below it after spiking up to 0.0916 earlier during the day. The failure to close above the resistance could increase that levels significance going forward.

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

Buying might accelerate should prices move above the close-by swing high at 0.0920 where further buy stops could get activated.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Long-Legged Doji" stand out. Although it is usually interpreted as neutral, it has actually shown to be bearish for SEK/EUR. Out of 84 times, SEKEUR closed lower 44.05% 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 10 trading days, showing a win rate of 59.52% with an average market move of -0.23%.


Market Conditions for SEKEUR as at Mar 26, 2020

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