EURNOK Up 42 Pips On Hourly Chart, 7 Day Up Streak Ended; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated July 22, 2021 3:18 GMT)

Currently, EURNOK’s rate is up 0.42 pips (0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURNOK. Given that we see an uptrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 5 hourly candle timeframe, so the meaning of the candles may require further exploration. 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)

After 7 up days, EURNOK snaps its streak, falling 1247 pips (-1.18%) over the past day to close at an exchange rate of 10.4755. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 38th in terms of percentage change since the day prior. Let’s take a look at price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Coming into today EURNOK is now close to its 20 and 200 day moving averages, which may act as price barrier for the asset. 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 1322.4 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 19 out of the past 30 days. We’re also seeing a bearish engulfing pattern form over the past two candles, which suggests the uptrend on the 14, 30 and 90 day