EUR/NOK Up 105 Pips Over Past Hour, in an Uptrend Over Past 30 Days; Bearish Engulfing Pattern Present

Hourly Update

(Last Updated September 22, 2022 1:39 GMT)

At the moment, EURNOK’s rate is up 1.05 pips (0.1%) from the hour prior. This is the 2nd hour in a row EURNOK has seen its price head up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 10.1766, down 1235 pips 1.2% from the day prior. Relative to other instruments in the Forex asset class, EURNOK ranked 36th the day prior in terms of percentage price change. Below is a price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Notably, EURNOK is now close to its 20, 50, 100 and 200 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 663.1 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 14 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 90 day timeframe. Or to simplify this another way, note that out of the past 10 days EURNOK’s price has gone up 5 them. Moreover, we’re also seeing a bearish engulfing pattern; in light of the uptrend on the 14, 30 and 90 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.