EURNOK Down 130 Pips Over Past Hour, Entered Today Up For the 2nd Consecutive Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated May 6, 2021 3:19 GMT)

Currently, EURNOK’s rate is down -1.3 pips (-0.13%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURNOK has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 below it. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURNOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURNOK is up 126 pips (0.13%) since yesterday (opening today near 10.01669), marking the 2nd consecutive day an upward move has occurred. Relative to other instruments in the Forex asset class, EURNOK ranked 14th yesterday in terms of percentage price change. Below is a price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Notably, EURNOK is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 down 8 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.