EURNOK Down 114 Pips On Hourly Chart, Entered Today Up For the 2nd Straight Day; Eyes 20 Day Average

Hourly Update

(Last Updated February 12, 2021 17:23 GMT)

Currently, EURNOK’s rate is down -1.14 pips (-0.11%) 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 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURNOK. Given that we see downtrend on the 10 and 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Most noteworthy in the world of moving averages on the hourly chart is that the 50 hour moving average has been crossed, 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)

EURNOK is up 283 pips (0.28%) since the previous day (opening today near 10.28382), marking the 2nd straight day an increase has occurred. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 8th in terms of percentage change since the previous day. Below is a price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

The first thing we should note is that the current price of EURNOK is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days EURNOK’s price has gone down 7 them.