EUR/NOK Up 91 Pips in Last 4 Hours, 2 Day Up Streak Snapped; Pin Bar Pattern Appearing on Chart

EUR/NOK 4 Hour Price Update

Updated May 25, 2020 09:06 PM GMT (05:06 PM EST)

EUR/NOK is up 91 pips (0.08%) since the last 4 hour candle (opening the current 4 hour candle near 10.9576), marking the 4th candle in a row an upward move has occurred. Compared to its peers in the Forex, EUR/NOK gave its buyers a return that ranked 4th in terms of percentage change since the last 4 hour candle.

EUR/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/NOK entered today at 10.8808, down 33 pips (0.03%) from yesterday. Out of the 40 instruments in the Forex asset class, EUR/NOK ended up ranking 33rd for the day in terms of price change. Below is a price chart of EUR/NOK.

EUR/NOK Technical Analysis

Notably, EUR/NOK is now close to its 20 and 100 day averages, located at 11.0355 and 10.9281 respectively, and thus may be at a key juncture along those timeframes. 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 100 day average, which is 473.1 pips away. 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. Or to simplify this another way, note that out of the past 10 days EUR/NOK’s price has gone down 6 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.