EUR/NOK Down 3 Pips On Hourly Chart; 6 Day Up Streak Snapped

Hourly Update

(Last Updated June 16, 2022 1:40 GMT)

Currently, EURNOK’s rate is down -0.03 pips (0%) 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 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURNOK. Given that we see downtrend on the 20 and 10 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 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)

A moment of silence, please, for the end of EURNOK’s 6 day up streak; price ended yesterday down 381 pips (-0.37%) to finish the day at a rate of 10.3941. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 24th in terms of percentage change since yesterday. 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 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 1944 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days EURNOK’s price has gone up 8 them.