EURNOK Up 70 Pips On Hourly Chart, in a Downtrend Over Past 14 Days; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated June 10, 2021 7:19 GMT)

At the time of this writing, EURNOK’s rate is up 0.7 pips (0.07%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved 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 20 hour moving average, resulting in them with price now being above 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)

A moment of silence, please, for the end of EURNOK’s 3 day down streak; price ended the previous day up 171 pips (0.17%) to finish the day at a rate of 10.078. Out of the 39 instruments in the Forex asset class, EURNOK ended up ranking 8th for the day in terms of price change. Let’s take a look at price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

First things first: EURNOK crossed above its 50 day moving average yesterday. 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 99.2 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 14 days EURNOK’s price has gone up 7 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.