EURNOK Up 269 Pips in Last Hour, 3 Day Down Streak Broken; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated October 13, 2020 2:17 GMT)

At the moment, EURNOK’s rate is up 2.69 pips (0.25%) 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 100 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURNOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

After 3 up days, EURNOK snaps its streak, falling 4 pips (0%) over the past day to close at an exchange rate of 10.7897. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 17th in terms of percentage change since the day prior. Below is a price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Notably, the current price of EURNOK 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 200 day average, which is 552.7 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 down 8 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.