EUR/NOK Heads Down For the 5th Day In A Row, in a Downtrend Over Past 14 Days; Nears 50 and 100 Day Moving Averages

EUR/NOK Price Recap

EUR/NOK is down 157 pips (0.16%) since yesterday (with its current price near 10.00715), marking the 5th day in a row a decline has happened. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 23.58% from the day before — and down 31.77% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/NOK ranked 33rd yesterday in terms of percentage price change. Let’s take a look at price chart of EUR/NOK.

EUR/NOK Technical Analysis

Notably, EUR/NOK is now close to its 20, 50, 100 and 200 day averages, located at 10.0693, 9.9958, 10.0479 and 9.9287 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 50 day average, which is 113.4 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. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 10 days EUR/NOK’s price has gone down 8 them.