EUR/NOK Down 18 Pips Over Past Hour, Moves Down For the 2nd Straight Day; Nears 50 and 100 Day Moving Averages

Hourly Update

(Last Updated November 2, 2022 1:39 GMT)

At the moment, EURNOK’s rate is down -0.18 pips (-0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. 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 down 591 pips (0.58%) since yesterday (opening today near 10.215), marking the 2nd straight day a decline has happened. Those trading within the Forex asset class should know that EURNOK was the worst performer in the class. The price chart of EURNOK below illustrates.

EURNOK

EURNOK Technical Analysis

Notably, EURNOK is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days EURNOK’s price has gone down 7 them.