EUR/NOK Heads Down For the 4th Day In A Row, Nears 20, 50 and 100 Day Moving Averages; Pin Bar Pattern Appearing on Chart

EUR/NOK Price Recap

EUR/NOK is down 38 pips (0.04%) since yesterday (with its current price near 10.02285), marking the 4th day in a row a decline has happened. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 36.52% from the day prior, but down 4.57% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/NOK ended up ranking 19th for the day in terms of day-over-day price change. Let’s take a look at price chart of EUR/NOK.

EUR/NOK Technical Analysis

Coming into today the current price of EUR/NOK is sitting close to its 20, 50, 100 and 200 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 50 day average, which is 240.7 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 day timeframe. Or to simplify this another way, note that out of the past 30 days EUR/NOK’s price has gone up 16 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!