EUR/NOK Down 75 Pips in Last Hour, Moves Down For the 2nd Day In A Row; Nears 50 and 200 Day Moving Averages

Hourly Update

(Last Updated September 13, 2022 1:41 GMT)

At the moment, EURNOK’s rate is down -0.75 pips (-0.08%) 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 50 hour timeframe. 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)

EURNOK is down 13 pips (0.01%) since the day prior (opening today near 9.9616), marking the 2nd day in a row a decline has happened. Relative to other instruments in the Forex asset class, EURNOK ranked 29th the day prior in terms of percentage price change. Let’s take a look at price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Notably, EURNOK is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 179.8 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 up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 14 days EURNOK’s price has gone up 8 them.