(Last Updated May 31, 2021 2:19 GMT)
At the time of this writing, EURNOK’s rate is down -0.56 pips (-0.05%) from the hour prior. This is the 3rd straight hour EURNOK has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 50 hour moving average, resulting in them so that price is now turning below it. 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)
The back and forth price flow continues for EURNOK, which started today off at 10.1989, up 218 pips 0.21% from the day prior. Out of the 39 instruments in the Forex asset class, EURNOK ended up ranking 7th for the day in terms of price change. Below is a price chart of EURNOK.
EURNOK Technical Analysis
Coming into today 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 100 day average, which is 350.8 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 up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days EURNOK’s price has gone up 8 them.