EUR/NOK 3 Day Down Streak Ended, Breaks Above 100 Average; in a Downtrend Over Past 14 Days

EUR/NOK Price Recap

EUR/NOK is up 409 pips (0.41%) since yesterday (with its current price near 10.0641), marking the 2nd day in a row an upward move has occurred. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 50.35% from the day prior, but down 22.49% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/NOK ended up ranking 5th for the day in terms of day-over-day price change. Here is a price chart of EUR/NOK.

EUR/NOK Technical Analysis

Notably, EUR/NOK crossed above its 100 day moving average 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 136 pips away. Volatility for EUR/NOK has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 8 out of the past 14 days.