EUR/NOK Down 357 Pips in Last 4 Hours, in a Downtrend Over Past 30 Days; Eyes 100 Day Average

EUR/NOK 4 Hour Price Update

Updated May 19, 2020 05:14 PM GMT (01:14 PM EST)

EUR/NOK is down 357 pips (0.33%) since the previous 4 hours (opening the current 4 hour candle near 10.8771), marking the 3rd candle in a row a decrease has occurred. Out of the 37 instruments in the Forex asset class, EUR/NOK ended up ranking 34th for the four-hour candle in terms of price change.

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 10.93704, up 149 pips (0.14%) since the day prior. Compared to its peers in the Forex, EUR/NOK gave its buyers a return that ranked 4th in terms of percentage change since the day prior. Let’s take a look at price chart of EUR/NOK.

EUR/NOK Technical Analysis

Coming into today 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 432.4 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. Trend traders will want to observe that the strongest trend appears on the 30 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 6 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!