EUR/SEK Currency Pair Forecast

EUR/SEK currency pair upgraded to Buy Candidate.
(Updated on Jun 04, 2024)

EURSEK Signals & Forecast

The EUR/SEK currency pair holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at kr11.43 and kr11.60. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Some positive signals were issued as well, and these may have some influence on the near short-term development. A buy signal was issued from a pivot bottom point on Monday, June 03, 2024, and so far it has risen 0.272%. Further rise is indicated until a new top pivot has been found. EUR/SEK has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. The currency pair had a Golden Star Signal on Thursday, March 14, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.

Support, Risk & Stop-loss for EUR/SEK currency pair

EUR/SEK finds support from accumulated volume at kr11.29 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved kr0.129 between high and low, or 1.14%. For the last week the currency pair has had daily average volatility of 0.647%.

Our recommended stop-loss: kr10.62 (-6.57%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 26 days ago.)

Trading Expectations (EURSEK) For The Upcoming Trading Day Of Wednesday 5th

For the upcoming trading day on Wednesday, 5th we expect EUR/SEK to open at kr11.34, and during the day (based on 14 day Average True Range), to move between kr11.17 and kr11.56, which gives a possible trading interval of +/-kr0.193 (+/-1.70%) up or down from last closing price. If EUR/SEK takes out the full calculated possible swing range there will be an estimated 3.40% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at kr11.42 (0.51%) than the support at kr11.29 (0.68%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is EUR/SEK currency pair A Buy?

Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Sell to a Buy candidate.

Current score: 1.338 Buy Candidate Upgraded

Predicted Opening Price for EUR/SEK of Wednesday, June 5, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.