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Technical Analysis – EURSEK corrects below the 200-day SMA; buyers push back
November 25, 2019 3:26 pmVideo
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EURSEK buyers are attempting to retake control after sellers reversed the price off the capping 40-day simple moving average (SMA) and below the 100- and 200-day SMAs.
The short-term oscillators concur with the short-term downtrend – both trading in bearish territory – but reflect conflicting signals in momentum. The MACD has slipped back below its red trigger line, while the RSI is improving in the bearish zone. Moreover, the SMAs are still bullish despite some easing in their slopes, while the downwards turn in the 40-day SMA could warrant some caution.
If sellers manage to ultimately steer the price below 10.576, initial support could be met at 10.514 ahead of the trough of 10.485 from July. Overcoming this, the pair may drop to the swing low of April 17 at 10.430 before encountering the support below at 10.402.
To the upside, driving the price back above the area of 10.638 to 10.649 where the 200-day SMA also lies, could trigger a jump to test the 100-day SMA at 10.697. Climbing higher, the 40-day SMA at 10.737 and nearby resistance at 10.750 could halt further advances towards the swing high of 10.820 from October 30 and the peaks of 10.848 and 10.853.
In brief, the short-term looks cautiously bearish and a break below 10.485 would reinforce it. However, a shift back above 10.750 could return a neutral-to-bullish bias.
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