EURNOK Down 145 Pips in Last Hour, Entered Today Up For the 4th Consecutive Day; is Inching Close to 20 Day Average

Hourly Update

(Last Updated October 19, 2020 10:17 GMT)

At the time of this writing, EURNOK’s rate is down -1.45 pips (-0.13%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURNOK has now gone down 5 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURNOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURNOK is up 315 pips (0.29%) since the day prior (opening today near 10.96135), marking the 4th consecutive day it has gone up. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 2nd in terms of percentage change since the day prior. The price chart of EURNOK below illustrates.

EURNOK

EURNOK Technical Analysis

Coming into today EURNOK is now close to its 20, 50, 100 and 200 day averages, located at 10.9372, 10.7216, 10.7012 and 10.7551 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 241.4 pips away. 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 14 days EURNOK’s price has gone down 7 them.