EUR/NOK Down 160 Pips On 4 Hour Chart, Entered Today Down For the 4th Day In A Row; is Inching Close to 100 Day Average

EUR/NOK 4 Hour Price Update

Updated May 21, 2020 12:49 AM GMT (08:49 PM EST)

EUR/NOK is down 160 pips (0.15%) since the last 4 hour candle (opening the current 4 hour candle near 10.8665), marking the 4th candle in a row a decline has happened. It may be worth observing that EUR/NOK was the worst performer of the 37 members in the Forex asset class over the past four-hour candle.

EUR/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/NOK is down 79 pips (0.07%) since the previous day (opening today near 10.8653), marking the 4th day in a row a decline has happened. Compared to its peers in the Forex, EUR/NOK gave its buyers a return that ranked 33rd in terms of percentage change since the previous day. Let’s take a look at price chart of EUR/NOK.

EUR/NOK Technical Analysis

The first thing we should note is that the current price of EUR/NOK is sitting close to its 20 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 461.4 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 14 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 10 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!