EUR/NOK Up 763 Pips in Last 4 Hours, 3 Day Down Streak Snapped; in a Downtrend Over Past 14 Days

EUR/NOK 4 Hour Price Update

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

EUR/NOK is up 763 pips (0.7%) since the previous 4 hours (opening the current 4 hour candle near 11.0467), marking the 2nd candle in a row an upward move has occurred. Relative to other instruments in the Forex asset class, EUR/NOK ranked 5th the previous 4 hours in terms of percentage price change.

EUR/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of EUR/NOK’s 3 day up streak; price ended yesterday down 2 pips (0%) to finish the day at a rate of 10.9657. Compared to its peers in the Forex, EUR/NOK gave its buyers a return that ranked 27th in terms of percentage change since yesterday. Here is a price chart of EUR/NOK.

EUR/NOK Technical Analysis

Notably, EUR/NOK is now close to its 20 and 100 day moving averages, which may act as price barrier for the asset. 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 100 day average, which is 1033.3 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 down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone down 17 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.