EUR/NOK Down 197 Pips Over Past Hour, Crosses 50 and 200 Day Moving Averages; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 12, 2022 1:40 GMT)

At the time of this writing, EURNOK’s rate is down -1.97 pips (-0.2%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. 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 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)

After 3 up days, EURNOK snaps its streak, falling 765 pips (-0.76%) over the past day to close at an exchange rate of 9.9629. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 33rd in terms of percentage change since yesterday. The price chart of EURNOK below illustrates.

EURNOK

EURNOK Technical Analysis

First things first: EURNOK crossed below its 50 and 200 day moving averages 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 50 day average, which is 220.8 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 up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days EURNOK’s price has gone up 17 them.