EUR/NOK Down 10 Pips Over Past Hour, 2 Day Up Streak Ended; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated August 4, 2022 1:41 GMT)

At the moment, EURNOK’s rate is down -0.1 pips (-0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURNOK. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)

EURNOK entered today at 9.8747, down 617 pips (0.62%) from the previous day. Out of the 39 instruments in the Forex asset class, EURNOK ended up ranking 36th for the day in terms of price change. Here is a price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Coming into today the current price of EURNOK is sitting close to its 20, 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 1359 pips away. 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. Or to simplify this another way, note that out of the past 14 days EURNOK’s price has gone down 9 them.