EUR/NOK Down 475 Pips in Last 4 Hours, Moves Up For the 2nd Day In A Row; Eyes 20 and 200 Day Averages

EUR/NOK 4 Hour Price Update

Updated July 23, 2020 09:25 AM GMT (05:25 AM EST)

A moment of silence, please, for the end of EUR/NOK’s 4 four-hour candle up streak; price ended the previous 4 hours down 475 pips (-0.45%) to finish the four-hour candle at a rate of 10.5543. Compared to its peers in the Forex, EUR/NOK gave its buyers a return that ranked 36th in terms of percentage change since the previous 4 hours.

EUR/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/NOK is up 353 pips (0.33%) since the previous day (opening today near 10.59782), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, EUR/NOK ranked 2nd the previous day in terms of percentage price change. Below is a price chart of EUR/NOK.

EUR/NOK Technical Analysis

Notably, EUR/NOK is now close to its 20, 50 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 320.7 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days EUR/NOK’s price has gone up 5 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

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. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on; 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.