EURNOK Up 9 Pips Over Past Hour, Entered Today Down For the 3rd Day In A Row; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 23, 2020 2:17 GMT)

At the moment, EURNOK’s rate is up 0.09 pips (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURNOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURNOK is down 117 pips (0.11%) since yesterday (opening today near 10.6711), marking the 3rd day in a row a decline has happened. Out of the 40 instruments in the Forex asset class, EURNOK ended up ranking 33rd for the day in terms of price change. The price chart of EURNOK below illustrates.

EURNOK

EURNOK Technical Analysis

The first thing we should note is that 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 651 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 10 days EURNOK’s price has gone down 6 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!