SEKEUR dominated by bulls lifting the market higher throughout the day


Swedish Krona/Euro (SEKEUR) Technical Analysis Report for Oct 12, 2020 | by Techniquant Editorial Team

Highlights

SEKEUR dominated by bulls lifting the market higher throughout the day
SEKEUR runs into sellers again around 0.0964
SEKEUR closes within previous day's range after lackluster session

Overview

SEKEUR finished Monday at 0.0963 flat on high volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (SEKEUR as at Oct 12, 2020):

Daily technical analysis candlestick chart for Swedish Krona/Euro (SEKEUR) as at Oct 12, 2020

Monday's trading range has been 4 pips (0.42%), that's below the last trading month's daily average range of 6 pips. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SEKEUR.

Three candlestick patterns are matching today's price action, the Bullish Short Candle, the Tweezer Top and the White Candle which are known as bullish patterns. The last time a Bullish Short Candle showed up on October 8th, SEKEUR gained 0.42% on the following trading day.

Prices are trading close to the key technical resistance level at 0.0967 (R1). After having been unable to move above 0.0964 in the previous session, the FX pair ran into sellers again around the same price level today, failing to move higher than 0.0964.

SEK/EUR shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Further buying could move prices higher should the market test September's close-by high at 0.0972.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for SEK/EUR. Out of 63 times, SEKEUR closed lower 53.97% 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 57.14% with an average market move of -0.18%.


Market Conditions for SEKEUR as at Oct 12, 2020

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