(Last Updated October 15, 2020 2:17 GMT)
At the moment, EURNOK’s rate is down -0.74 pips (-0.07%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURNOK has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 is up 121 pips (0.11%) since yesterday (opening today near 10.85), marking the 2nd day in a row it has gone up. Out of the 40 instruments in the Forex asset class, EURNOK ended up ranking 11th for the day in terms of price change. The price chart of EURNOK below illustrates.
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 655 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 14 days EURNOK’s price has gone down 8 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.