SEKEUR rises to highest close since September 9th

Swedish Krona/Euro (SEKEUR) Technical Analysis Report for Oct 20, 2020 | by Techniquant Editorial Team


SEKEUR breaks back above 50-day moving average
SEKEUR rises to highest close since September 9th
SEKEUR runs into sellers around 0.0968 for the third day in a row
SEKEUR dominated by bulls lifting the market higher throughout the day
SEKEUR ends the day on a bullish note closing near the high of the day


SEKEUR finished Tuesday at 0.0967 gaining 5 pips (0.52%). Today's close at 0.0967 marks the highest recorded closing price since September 9th. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily Candlestick Chart (SEKEUR as at Oct 20, 2020):

Daily technical analysis candlestick chart for Swedish Krona/Euro (SEKEUR) as at Oct 20, 2020

Tuesday's trading range has been 6 pips (0.62%), that's slightly below the last trading month's daily average range of 7 pips. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SEKEUR.

One bullish candlestick pattern matches today's price action, the White Candle.

The pair managed to close back above the 50-day moving average at 0.0962. When this moving average was crossed above the last time on October 16th, SEKEUR actually lost -0.21% on the following trading day. SEK/EUR ran into sellers again today around 0.0968 for the third trading day in a row after having found sellers at 0.0967 in the previous session and at 0.0967 two days ago.

The currency shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Buying might speed up should prices move above the close-by swing high at 0.0968 where further buy stops could get activated. Further buying might move prices higher should the market test September's nearby high at 0.0972.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near high of period" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for SEK/EUR. Out of 493 times, SEKEUR closed lower 49.49% 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 54.77% with an average market move of -0.16%.

Market Conditions for SEKEUR as at Oct 20, 2020

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