EUR/NOK 3 Day Down Streak Broken, Crosses 20 and 100 Day Moving Averages; in an Uptrend Over Past 30 Days

EUR/NOK Price Recap

EUR/NOK is down 658 pips (0.65%) since yesterday (with its current price near 10.02668), marking the 3rd day in a row a decrease has occurred. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 13.79% from the day before — and down 38.42% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/NOK ended up ranking 36th for the day in terms of day-over-day price change. Here is a price chart of EUR/NOK.

EUR/NOK Technical Analysis

First things first: EUR/NOK crossed below its 20 and 100 day moving averages yesterday. 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. The closest is the 100 day average, which is 192.5 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 7 out of the past 14 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURNOK, with 4 buy signals on our radar and 0 sell signals. This imputes a buy/sell ratio that’s infinite! But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price is near demand zone around 10.03324-10.07569. If price shows enough bullish evidence to the upside, we go long with potential target at 10.23380. If price tests and breaks below 10.03324, we wait until price tests the 9.96883 level before going long.