EUR/NOK Down 100 Pips in Last 4 Hours, Nears 20 Day Moving Average; Pin Bar Pattern Appearing on Chart

EUR/NOK 4 Hour Price Update

Updated April 21, 2020 01:15 AM GMT (09:15 PM EST)

The back and forth price flow continues for EUR/NOK, which started the current 4 hour candle off at 11.325, down 100 pips 0.09% from the previous 4 hours. Compared to its peers in the Forex, EUR/NOK gave its buyers a return that ranked 30th in terms of percentage change since the previous 4 hours.

EUR/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for EUR/NOK, which started today off at 11.3296, down 151 pips 0.13% from the previous day. Compared to its peers in the Forex, EUR/NOK gave its buyers a return that ranked 34th in terms of percentage change since the previous day. Here is a price chart of EUR/NOK.

EUR/NOK Technical Analysis

The first thing we should note is that the current price of EUR/NOK is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 10 days EUR/NOK’s price has gone down 6 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURNOK; just 0 sell signals and 2 buy signals. This imputes a buy/sell ratio that’s infinite! But, let’s not get carried away with that idea just yet. 🙂 As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EURNOK looking very bullish here, had a massive push up and now falling and found support on the 61.8. On smaller timeframes also had another small push up and found support on that 61.8 fib again. I think a retest of at least 50 or 38 fib levels as marked.