EUR/NOK Down 235 Pips On 4 Hour Chart, 2 Day Up Streak Snapped; in an Uptrend Over Past 14 Days

EUR/NOK 4 Hour Price Update

Updated April 22, 2020 01:10 AM GMT (09:10 PM EST)

EUR/NOK entered the current 4 hour candle at 11.49, down 235 pips (0.2%) from the previous 4 hours. Compared to its peers in the Forex, EUR/NOK gave its buyers a return that ranked 32nd in terms of percentage change since the previous 4 hours.

EUR/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of EUR/NOK continues; to start today, it came in at a price of 11.53849, down 32 pips (0.03%) since the previous day. Out of the 40 instruments in the Forex asset class, EUR/NOK ended up ranking 27th for the day in terms of price change. The price chart of EUR/NOK below illustrates.

EUR/NOK Technical Analysis

Coming into today EUR/NOK is now close to its 20 day moving averages, which may act as price barrier for the asset. 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 up. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. For additional context, note that price has gone up 5 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURNOK; just 2 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The chart’s forming an M. Usually a short sign.