EUR/NOK Down 428 Pips Over Past 4 Hours, in an Uptrend Over Past 14 Days; is Inching Close to 50 Day Average

EUR/NOK 4 Hour Price Update

Updated June 30, 2020 09:09 PM GMT (05:09 PM EST)

EUR/NOK is down 428 pips (0.39%) since the previous 4 hours (opening the current 4 hour candle near 10.8095), marking the 3rd candle in a row it has gone down. Relative to other instruments in the Forex asset class, EUR/NOK ranked 36th the previous 4 hours in terms of percentage price change.

EUR/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of EUR/NOK continues; to start today, it came in at a price of 10.8732, up 14 pips (0.01%) since the previous day. Relative to other instruments in the Forex asset class, EUR/NOK ranked 28th the previous day in terms of percentage price change. Below is a price chart of EUR/NOK.

EUR/NOK Technical Analysis

Notably, the current price of EUR/NOK is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 50 day average, which is 322.6 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 30 days EUR/NOK’s price has gone down 18 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.