EUR/NOK Down 25 Pips Over Past 4 Hours, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

EUR/NOK 4 Hour Price Update

Updated May 20, 2020 05:04 PM GMT (01:04 PM EST)

EUR/NOK is down 25 pips (0.02%) since the previous 4 hours (opening the current 4 hour candle near 10.8755), marking the 2nd candle in a row a decline has happened. Compared to its peers in the Forex, EUR/NOK gave its buyers a return that ranked 20th in terms of percentage change since 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 10.89939, up 67 pips (0.06%) since yesterday. Out of the 40 instruments in the Forex asset class, EUR/NOK ended up ranking 22nd for the day in terms of price change. Below is a price chart of EUR/NOK.

EUR/NOK Technical Analysis

Coming into today EUR/NOK is now close to its 20 and 100 day averages, located at 11.088 and 10.9027 respectively, and thus may be at a key juncture along those timeframes. 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 32.9 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. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. 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 6 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.