EUR/NOK Down 131 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; 2 Day Up Streak Ended

Hourly Update

(Last Updated November 7, 2022 1:38 GMT)

At the moment, EURNOK’s rate is down -1.31 pips (-0.13%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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)

The choppiness in the recent daily price action of EURNOK continues; to start today, it came in at a price of 10.2014, down 1109 pips (1.08%) since the previous day. Out of the 39 instruments in the Forex asset class, EURNOK ended up ranking 33rd for the day in terms of price change. Let’s take a look at price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Notably, EURNOK crossed below its 50 day moving average yesterday. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 6 out of the past 10 days.