EUR/NOK Down 10 Pips Over Past Hour, 3 Day Up Streak Snapped; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated May 13, 2022 1:40 GMT)

Currently, EURNOK’s rate is down -0.1 pips (-0.01%) from the hour prior. This is the 2nd hour in a row EURNOK has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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)

After 3 up days, EURNOK snaps its streak, falling 14 pips (-0.01%) over the past day to close at an exchange rate of 10.24674. Out of the 39 instruments in the Forex asset class, EURNOK ended up ranking 14th for the day in terms of price change. Let’s take a look at price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

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 2599.9 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 10 days EURNOK’s price has gone up 6 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.