EUR/NOK Down 390 Pips, in an Uptrend Over Past 30 Days; Nears 20 and 100 Day Moving Averages

EUR/NOK Price Recap

EUR/NOK is down 390 pips (0.39%) since yesterday (with its current price near 10.0925), marking the 2nd day in a row a decrease has occurred. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 18.21% from the day before — and down 39.41% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/NOK ended up ranking 38th for the day in terms of day-over-day price change. The price chart of EUR/NOK below illustrates.

EUR/NOK Technical Analysis

Coming into today EUR/NOK is now close to its 20, 50, 100 and 200 day averages, located at 10.049, 10.0042, 10.0451 and 9.9252 respectively, and thus may be at a key juncture along those timeframes. 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 434.7 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. 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. Or to simplify this another way, note that out of the past 10 days EUR/NOK’s price has gone up 5 them.

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. This imputes a buy/sell ratio that’s infinite! But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price is near demand zone around 10.03324-10.07569. If price shows enough bullish evidence to the upside, we go long with potential target at 10.23380. If price tests and breaks below 10.03324, we wait until price tests the 9.96883 level before going long.