EUR/NOK Down 139 Pips, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

EUR/NOK Price Recap

A moment of silence, please, for the end of EUR/NOK’s 7 day up streak; price ended yesterday down 139 pips (-0.13%) to finish the day at a rate of 10.33436. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 11.94% from the day prior, but up 112.16% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/NOK ended up ranking 22nd for the day in terms of day-over-day price change. Let’s take a look at price chart of EUR/NOK.

EUR/NOK Technical Analysis

The first thing we should note is that EUR/NOK is now close to its 20 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 20 day average, which is 2017.2 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. For additional context, note that price has gone up 17 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on EURNOK, with 0 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

If price breakouts the wolfe wave line, short movements are possible.