EUR/NOK Down 300 Pips On 4 Hour Chart, Moves Up For the 2nd Day In A Row; in a Downtrend Over Past 14 Days

EUR/NOK 4 Hour Price Update

Updated May 18, 2020 05:11 PM GMT (01:11 PM EST)

EUR/NOK is down 300 pips (0.27%) since the last 4 hour candle (opening the current 4 hour candle near 10.9383), marking the 6th candle in a row a decline has happened. Relative to other instruments in the Forex asset class, EUR/NOK ranked 32nd the last 4 hour candle in terms of percentage price change.

EUR/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/NOK is up 8 pips (0.01%) since the previous day (opening today near 11.05949), marking the 2nd day in a row it has gone up. Out of the 40 instruments in the Forex asset class, EUR/NOK ended up ranking 25th for the day in terms of price change. Here is a price chart of EUR/NOK.

EUR/NOK Technical Analysis

Coming into today 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 20 day average, which is 1093.2 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 down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone down 8 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!