This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 11.29% from the day before — and down 11.68% from the same day the week before.
The clearest trend exists on the 30 day timeframe, which shows price moving down over that time.
As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
There is a trend continuation and a double top that has been formed.
As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.
It moved down, then it made a consolidation wedge, after that it moved exactly that lower again….
Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down.
The market has room for the downward movement, and the sell trade can be profitable….
The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 1.09% from the day prior, but down 27.06% from the same day the week before.
Relative to other instruments in the forex asset class, eur/nok ranked 17th yesterday in terms of percentage price change.