EUR/NOK Up 584 Pips Over Past 4 Hours, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

EUR/NOK 4 Hour Price Update

Updated June 22, 2020 01:11 PM GMT (09:11 AM EST)

EUR/NOK entered the current 4 hour candle at 10.7972, up 584 pips (0.54%) from the previous 4 hours. EUR/NOK outperformed all 37 assets in the Forex asset class 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 10.76669, down 46 pips (0.04%) since the day prior. Out of the 40 instruments in the Forex asset class, EUR/NOK ended up ranking 33rd for the day in terms of price change. Here 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 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 20 day average, which is 841.4 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. For additional context, note that price has gone down 8 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.