EUR/NOK Up 415 Pips On 4 Hour Chart, Moves Down For the 3rd Day In A Row; in a Downtrend Over Past 90 Days

EUR/NOK 4 Hour Price Update

Updated July 22, 2020 09:20 AM GMT (05:20 AM EST)

The back and forth price flow continues for EUR/NOK, which started the current 4 hour candle off at 10.5395, up 415 pips 0.4% from the previous 4 hours. Out of the 37 instruments in the Forex asset class, EUR/NOK ended up ranking 3rd for the four-hour candle in terms of price change.

EUR/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/NOK is down 10 pips (0.01%) since the day prior (opening today near 10.49349), marking the 3rd day in a row a decrease has occurred. Compared to its peers in the Forex, EUR/NOK gave its buyers a return that ranked 26th in terms of percentage change since the day prior. Below is a price chart of EUR/NOK.

EUR/NOK Technical Analysis

The first thing we should note is that the current price of EUR/NOK is sitting close to its 20, 50 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 200 day average, which is 1381.3 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 down. Or to simplify this another way, note that out of the past 10 days EUR/NOK’s price has gone down 6 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURNOK; just 0 sell signals and 2 buy 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.

I am going long on EURNOK after seeing multiple 4 hour rejection candles form at a Daily support level. I will be targeting previous resistance.