EUR/NOK Down 660 Pips On 4 Hour Chart, in a Downtrend Over Past 14 Days; Price Base in Formation Over Past 30 Days

EUR/NOK 4 Hour Price Update

Updated April 10, 2020 12:48 AM GMT (08:48 PM EST)

EUR/NOK entered the current 4 hour candle at 11.1104, down 660 pips (0.59%) from the last 4 hour candle. It may be worth observing that EUR/NOK was the worst performer of the 36 members in the Forex asset class over the past four-hour candle.

EUR/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/NOK entered today at 11.1181, down 487 pips (0.44%) from the previous day. Out of the 40 instruments in the Forex asset class, EUR/NOK ended up ranking 39th for the day in terms of price change. Here is a price chart of EUR/NOK.

EUR/NOK Technical Analysis

The first thing we should note is that EUR/NOK is now close to its 50 day moving averages, which may act as price barrier for the asset. Volatility for EUR/NOK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 8 out of the past 10 days. Moreover, we’re also seeing a bearish engulfing pattern; in light of the uptrend on the 14 and 90 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.