EUR/NOK Down 290 Pips Over Past Hour, in an Uptrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated October 5, 2020 16:24 GMT)

Currently, EURNOK’s rate is down -0.029 (-0.27%) from the hour prior. The hourly chart shows that EURNOK has seen 2 straight down 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 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 is down 356 pips (0.33%) since the day prior (opening today near 10.88183), marking the 3rd day in a row it has gone down. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 32nd in terms of percentage change since the day prior. Here is a price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Notably, 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 20 day average, which is 423.2 pips away. 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. For additional context, note that price has gone up 6 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURNOK, with 4 buy signals on our radar and 0 sell signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s not get carried away with that idea just yet. 🙂 As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

A nice buy opportunity for EURNOK ahead….(Btw, similar pattern on correlated pair CHFNOK if you prefer that one)- upward channel, bouncing off bottom- RSI and MACD in bullish area- supported by important area (A)I would buy around 10.96….***Leave comments if you have questions or own ideas to share!!