EURNOK Down 5 Pips Over Past Hour, Entered Today Up For the 4th Day In A Row; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated November 15, 2021 18:17 GMT)

At the time of this writing, EURNOK’s rate is down -0.05 pips (-0.01%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURNOK has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. 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 8 pips (0.01%) since yesterday (opening today near 9.9355), marking the 4th day in a row an increase has occurred. Relative to other instruments in the Forex asset class, EURNOK ranked 25th yesterday in terms of percentage price change. The price chart of EURNOK below illustrates.

EURNOK

EURNOK Technical Analysis

Coming into today EURNOK is now close to its 20, 50, 100 and 200 day averages, located at 9.802, 9.9622, 10.1699 and 10.1467 respectively, and thus may be at a key juncture along those timeframes. 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 266.9 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 8 out of the past 10 days.