EURNOK Down 32 Pips in Last Hour, is Inching Close to 100 Day Average; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated June 1, 2021 2:19 GMT)

At the time of this writing, EURNOK’s rate is down -0.32 pips (-0.03%) 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 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURNOK. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)

The back and forth price flow continues for EURNOK, which started today off at 10.1623, down 366 pips 0.36% from yesterday. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 36th in terms of percentage change since yesterday. Let’s take a look at price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Coming into today EURNOK is now close to its 20, 50 and 100 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 100 day average, which is 4.8 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 7 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.