EURNOK Down 8 Pips Over Past Hour, Came Into Today Down For the 2nd Consecutive Day; Crosses 20 Day Moving Average

Hourly Update

(Last Updated October 9, 2020 2:17 GMT)

At the moment, EURNOK’s rate is down -0.08 pips (-0.01%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURNOK. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

EURNOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURNOK is down 549 pips (0.5%) since yesterday (opening today near 10.87765), marking the 2nd consecutive day it has gone down. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 38th in terms of percentage change since yesterday. Below is a price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURNOK crossed below its 20 day moving average yesterday. 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 117.1 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. Volatility for EURNOK 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 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 7 out of the past 14 days.