EUR/NOK Down 170 Pips in Last 4 Hours, Eyes 20, 50 and 200 Day Averages; Pin Bar Pattern Appearing on Chart

EUR/NOK 4 Hour Price Update

Updated July 27, 2020 09:10 PM GMT (05:10 PM EST)

A moment of silence, please, for the end of EUR/NOK’s 3 four-hour candle up streak; price ended the last 4 hour candle down 170 pips (-0.16%) to finish the four-hour candle at a rate of 10.6884. Compared to its peers in the Forex, EUR/NOK gave its buyers a return that ranked 32nd in terms of percentage change since the last 4 hour candle.

EUR/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of EUR/NOK continues; to start today, it came in at a price of 10.66631, up 87 pips (0.08%) since the previous day. Out of the 40 instruments in the Forex asset class, EUR/NOK ended up ranking 3rd for the day in terms of price change. Below is a price chart of EUR/NOK.

EUR/NOK

EUR/NOK Technical Analysis

Coming into today the current price of EUR/NOK is sitting close to its 20, 50, 100 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 50 day average, which is 209.5 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 15 out of the past 30 days. 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 3 sell signals and 2 buy signals. This imputes a buy/sell ratio of 0.67, which is bearish. Here’s a piece we found on tradingview.com that we thought you might enjoy.