EUR/NOK Down 68 Pips in Last Hour, 4 Day Up Streak Snapped; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated January 5, 2022 1:41 GMT)

At the moment, EURNOK’s rate is down -0.68 pips (-0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists 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 an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 hourly candle timeframe, so the meaning of the candles may require further exploration. Regarding moving averages, it should first be noted that price has crossed the 200 and 20 hour moving averages, resulting in them so that price is now turning below them. 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, which opened today priced near 9.9987, is down 206 pips 0.21% since the previous day, marking a reversal from the day prior — and the end of a 4 day positive run. Out of the 39 instruments in the Forex asset class, EURNOK ended up ranking 29th for the day in terms of price change. Let’s take a look at 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, 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 50 day average, which is 305.8 pips away. 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. Price action traders in particular will want to note that the 90 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 up 16 out of the past 30 days.