EUR/NOK Down 19 Pips On Hourly Chart, Moves Down For the 5th Day In A Row; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated July 29, 2022 1:40 GMT)

At the moment, EURNOK’s rate is down -0.19 pips (-0.02%) 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. Regarding the trend, note that the strongest trend exists on the 50 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 228 pips (0.23%) since the day prior (opening today near 9.9125), marking the 5th day in a row it has gone down. Out of the 39 instruments in the Forex asset class, EURNOK ended up ranking 21st for the day in terms of price change. Below is a price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Coming into today EURNOK is now close to its 100 and 200 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 200 day average, which is 946.5 pips away. 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 7 out of the past 10 days.