EUR/NOK Down 60 Pips in Last Hour, 3 Day Down Streak Snapped; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated November 19, 2021 1:41 GMT)

At the moment, EURNOK’s rate is down -0.6 pips (-0.06%) 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. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURNOK. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 1303 pips (1.32%) to finish the day at a rate of 10.02128. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 3rd in terms of percentage change since the previous day. Below is a price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Notably, 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 867.8 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 14 and 30 day timeframes, where price is headed up. For additional context, note that price has gone up 9 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing morning star pattern appearing here.