EURNOK Down 218 Pips On Hourly Chart, 2 Day Up Streak Broken; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated November 11, 2021 3:17 GMT)

Currently, EURNOK’s rate is down -2.18 pips (-0.22%) 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 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 100 hour moving average, resulting in them with price now being below it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 entered today at 9.8547, down 402 pips (0.41%) from yesterday. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 32nd in terms of percentage change since yesterday. The price chart of EURNOK below illustrates.

EURNOK

EURNOK Technical Analysis

Coming into today EURNOK is now close to its 20 and 50 day averages, located at 9.7829 and 9.9912 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 20 day average, which is 717.5 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. 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 and 30 day timeframes. For additional context, note that price has gone up 9 out of the past 14 days.