EUR/NOK Up 108 Pips in Last 4 Hours, 2 Day Up Streak Broken; is Inching Close to 100 Day Average

EUR/NOK 4 Hour Price Update

Updated May 25, 2020 01:06 PM GMT (09:06 AM EST)

EUR/NOK is up 108 pips (0.1%) since the last 4 hour candle (opening the current 4 hour candle near 10.9233), marking the 2nd candle in a row an increase has occurred. Out of the 37 instruments in the Forex asset class, EUR/NOK ended up ranking 17th for the four-hour candle in terms of price change.

EUR/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of EUR/NOK continues; to start today, it came in at a price of 10.8808, down 33 pips (0.03%) since yesterday. Compared to its peers in the Forex, EUR/NOK gave its buyers a return that ranked 33rd in terms of percentage change since yesterday. The price chart of EUR/NOK below illustrates.

EUR/NOK Technical Analysis

Notably, the current price of EUR/NOK is sitting close to its 20 and 100 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 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. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 30 days EUR/NOK’s price has gone down 17 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!