Even if the currency your trading against hasn’t been moving for some time it’s still worth taking the time to discover where you can get the best Euro exchange rate before you commit to a deal.
EURSEK bottomed out in Mid February and has been moving sideways ever since in a range between 10.0249 and 10.29489 the most recent leg of which has seen the rate bounce strongly from those near term lows. Though there is a question mark as to whether that rally has any real longevity we will find out the answer to that when and if the rate tests at 10.25 and 10.2544 both of which were high water marks in early April.
On a positive note, the EURSEK rate is trading above its 20, 50 and 200 day moving averages though it is looking overbought on a short-term RSI, above the recent range we could look for 10.6609 and then 11.38 02 as deeper mid and long term targets. However, breaking out of the current range looks to be easier said than done.
Darren is a veteran of the financial markets with almost 36 years of experience under his belt. He has worked in trading, sales, analytical, and research roles, he has been a regular guest & commentator on financial television channels and publications. During his career, Darren has been fortunate to act for and advise major hedge funds and investment banks as well as HNWI. Darren analyses the markets using a blend of technical and fundamental analysis