EUR/NOK Down 1 Pips in Last Hour, 6 Day Down Streak Snapped; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated August 2, 2022 1:39 GMT)

At the time of this writing, EURNOK’s rate is down -0.01 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

EURNOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of EURNOK’s 6 day down streak; price ended yesterday up 63 pips (0.06%) to finish the day at a rate of 9.8846. Out of the 39 instruments in the Forex asset class, EURNOK ended up ranking 18th for the day in terms of price change. The price chart of EURNOK below illustrates.

EURNOK

EURNOK Technical Analysis

The first thing we should note is that the current price of EURNOK is sitting close to its 100 and 200 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 200 day average, which is 1242.6 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone down 10 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.