EUR/NOK Up 274 Pips On 4 Hour Chart, Price Base in Formation Over Past 14 and 30 Days; Eyes 50 Day Average

EUR/NOK 4 Hour Price Update

Updated June 26, 2020 01:08 PM GMT (09:08 AM EST)

EUR/NOK is up 274 pips (0.25%) since the last 4 hour candle (opening the current 4 hour candle near 10.8707), marking the 2nd candle in a row an increase has occurred. Out of the 37 instruments in the Forex asset class, EUR/NOK ended up ranking 3rd for the four-hour candle in terms of price change.

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 10.82649, up 20 pips 0.02% from yesterday. Relative to other instruments in the Forex asset class, EUR/NOK ranked 24th yesterday in terms of percentage price change. Below is a price chart of EUR/NOK.

EUR/NOK Technical Analysis

Coming into today the current price of EUR/NOK is sitting close to its 20, 50, 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 50 day average, which is 358.8 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 90 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 14 and 30 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 19 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.