EUR/NOK Down 17 Pips On Hourly Chart, Moves Up For the 2nd Straight Day; Eyes 50 and 200 Day Averages

Hourly Update

(Last Updated September 8, 2022 1:39 GMT)

Currently, EURNOK’s rate is down -0.17 pips (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURNOK. Given that we see an uptrend on the 20 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 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 up 693 pips (0.7%) since yesterday (opening today near 9.9955), marking the 2nd straight day an upward move has occurred. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 14th in terms of percentage change since yesterday. Here is a price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Coming into today the current price of EURNOK is sitting close to its 20, 50, 100 and 200 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 200 day average, which is 6.5 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 10 days EURNOK’s price has gone up 7 them.

The View From Around the Web

Not much commentary on EURNOK that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Entry Price 10.00570. Expect price to move +1180.0 units.https://www.tradingview.com/x/EG5CfH70/ https://www.tradingview.com/x/DNBTbSZo/ https://www.tradingview.com/x/5J8oIT1V/