EURNOK Up 187 Pips On Hourly Chart, Moves Down For the 4th Consecutive Day; Crosses 20 Day Moving Average

Hourly Update

(Last Updated October 6, 2020 15:16 GMT)

At the moment, EURNOK’s rate is up 1.87 pips (0.17%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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. Most noteworthy in the world of moving averages on the hourly chart is that the 50 hour moving average has been crossed, so that price is now turning above it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURNOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURNOK is down 381 pips (0.35%) since the day prior (opening today near 10.84371), marking the 4th consecutive day a decrease has occurred. Relative to other instruments in the Forex asset class, EURNOK ranked 34th the day prior in terms of percentage price change. Here is a price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Notably, EURNOK crossed below its 20 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 20 day average, which is 109.7 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days EURNOK’s price has gone up 8 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURNOK, with 4 buy signals on our radar and 0 sell signals. This imputes a buy/sell ratio that’s infinite! But, let’s take that with a grain of salt. 🙂 As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

A nice buy opportunity for EURNOK ahead….(Btw, similar pattern on correlated pair CHFNOK if you prefer that one)- upward channel, bouncing off bottom- RSI and MACD in bullish area- supported by important area (A)I would buy around 10.96….***Leave comments if you have questions or own ideas to share!!