EURNOK Down 218 Pips On Hourly Chart, 2 Day Up Streak Snapped; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated November 12, 2021 5:17 GMT)

At the time of this writing, 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 100 hour moving average has been crossed, so that price is now turning 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 the previous day. Out of the 39 instruments in the Forex asset class, EURNOK ended up ranking 34th for the day in terms of price change. Here is a price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

The first thing we should note is that the current price of EURNOK is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. Interestingly, a trend in the other direction exists on the 90 and 30 day timeframes, where price is headed down. For additional context, note that price has gone up 9 out of the past 14 days.