EUR/NOK Heads Up For the 3rd Day In A Row, Breaks Above 20 Day Average; Price Base in Formation Over Past 90 Days

EUR/NOK Price Recap

EUR/NOK is up 880 pips (0.87%) since yesterday (with its current price near 10.15482), marking the 3rd day in a row an increase has occurred. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 6.97% from the day prior, and up 47.65% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/NOK ranked 3rd yesterday in terms of percentage price change. Here is a price chart of EUR/NOK.

EUR/NOK Technical Analysis

Notably, EUR/NOK crossed above its 20 day moving average yesterday. 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 576.7 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. Volatility for EUR/NOK has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days EUR/NOK’s price has gone up 16 them.

A final note on correlations: in the recent most week, the currency pair bearing the strongest correlation to EUR/NOK has been EUR/NZD — a common occurrence, given the presence of EUR in both currency pairs. Alternatively, regarding pairs with the lowest correlation to EUR/NOK? Well, USD/SEK is the pair that holds that distinction for the past week, while USD/CNH does on a two week basis.