EURNOK Up 90 Pips Over Past Hour; Entered Today Up For the 3rd Consecutive Day

Hourly Update

(Last Updated September 23, 2020 0:16 GMT)

At the time of this writing, EURNOK’s rate is up 0.9 pips (0.08%) from the hour prior. EURNOK has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Of note is that the 20 hour changed directions on EURNOK; it is now pointing up. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURNOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURNOK is up 1818 pips (1.69%) since the previous day (opening today near 10.93084), marking the 3rd consecutive day an upward move has occurred. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 3rd in terms of percentage change since the previous day. The price chart of EURNOK below illustrates.

EURNOK

EURNOK Technical Analysis

The first thing we should note is that EURNOK is now close to its 100 day averages, located at 10.7049 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 2259.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 15 out of the past 30 days.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram