EUR/NOK Down 64 Pips On 4 Hour Chart, in a Downtrend Over Past 14 Days; Nears 100 Day Moving Average

EUR/NOK 4 Hour Price Update

Updated May 21, 2020 05:09 PM GMT (01:09 PM EST)

The back and forth price flow continues for EUR/NOK, which started the current 4 hour candle off at 10.898, down 64 pips 0.06% from the previous 4 hours. Out of the 37 instruments in the Forex asset class, EUR/NOK ended up ranking 21st for the four-hour candle in terms of price change.

EUR/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/NOK is down 79 pips (0.07%) since the day prior (opening today near 10.8653), marking the 4th day in a row a decline has happened. Compared to its peers in the Forex, EUR/NOK gave its buyers a return that ranked 33rd in terms of percentage change since the day prior. Below is a price chart of EUR/NOK.

EUR/NOK Technical Analysis

Coming into today EUR/NOK is now close to its 20 and 100 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 100 day average, which is 461.4 pips away. Volatility for EUR/NOK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days EUR/NOK’s price has gone down 19 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.