EUR/NOK Down 24 Pips Over Past Hour, in an Uptrend Over Past 90 Days; is Inching Close to 50 Day Average

Hourly Update

(Last Updated July 19, 2022 1:39 GMT)

At the moment, EURNOK’s rate is down -0.24 pips (-0.02%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURNOK has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. 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 entered today at 10.2385, down 152 pips (0.15%) from the day prior. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 30th in terms of percentage change since the day prior. Below 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, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 289.9 pips away. Volatility for EURNOK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 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 14 day timeframe. Or to simplify this another way, note that out of the past 14 days EURNOK’s price has gone down 9 them.