EUR/NOK Down 101 Pips Over Past 4 Hours; Moves Down For the 2nd Day In A Row

EUR/NOK 4 Hour Price Update

Updated May 11, 2020 09:08 PM GMT (05:08 PM EST)

The back and forth price flow continues for EUR/NOK, which started the current 4 hour candle off at 11.1144, down 101 pips 0.09% from the last 4 hour candle. Out of the 37 instruments in the Forex asset class, EUR/NOK ended up ranking 30th for the four-hour candle in terms of price change.

EUR/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/NOK is down 297 pips (0.27%) since yesterday (opening today near 11.01599), marking the 2nd day in a row a decrease has occurred. Compared to its peers in the Forex, EUR/NOK gave its buyers a return that ranked 35th in terms of percentage change since yesterday. Here is a price chart of EUR/NOK.

EUR/NOK Technical Analysis

The first thing we should note is that EUR/NOK is now close to its 20 and 100 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 100 day average, which is 2099.6 pips away. It should be noted, though, the 50 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 down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 30 days EUR/NOK’s price has gone down 18 them.