EURNOK Down 50 Pips in Last Hour, in an Uptrend Over Past 30 Days; Eyes 100 Day Average

Hourly Update

(Last Updated June 2, 2021 2:19 GMT)

Currently, EURNOK’s rate is down -0.5 pips (-0.05%) from the hour prior. EURNOK has seen its price go down 8 out of the past 10 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 50 hour timeframe. Of note is that the 200 hour changed directions on EURNOK; it is now pointing down. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURNOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURNOK entered today at 10.163, up 7 pips (0.01%) from the day prior. Relative to other instruments in the Forex asset class, EURNOK ranked 14th the day prior in terms of percentage price change. Here is a price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

The first thing we should note is that EURNOK is now close to its 20, 50 and 100 day averages, located at 10.1027, 10.0674 and 10.1603 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 100 day average, which is 26.6 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 30 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. Or to simplify this another way, note that out of the past 14 days EURNOK’s price has gone up 10 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.