EURNOK Down 41 Pips Over Past Hour, 3 Day Up Streak Broken; Eyes 20 Day Average

Hourly Update

(Last Updated September 8, 2020 15:15 GMT)

At the time of this writing, EURNOK’s rate is down -0.41 pips (-0.04%) from the hour prior. EURNOK has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURNOK. Given that we see an uptrend on the 20, 10 and 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURNOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

After 3 up days, EURNOK snaps its streak, falling 225 pips (-0.21%) over the past day to close at an exchange rate of 10.53097. Relative to other instruments in the Forex asset class, EURNOK ranked 29th the previous day in terms of percentage price change. Let’s take a look at 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, 50, 100 and 200 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 59.3 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 18 out of the past 30 days.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram