EURNOK Up 68 Pips On Hourly Chart, 3 Day Up Streak Ended; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated November 4, 2021 3:18 GMT)

At the time of this writing, EURNOK’s rate is up 0.68 pips (0.07%) from the hour prior. The hourly chart shows that EURNOK has seen 2 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURNOK. Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)

After 3 up days, EURNOK snaps its streak, falling 68 pips (-0.07%) over the past day to close at an exchange rate of 9.86254. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 25th in terms of percentage change since yesterday. Let’s take a look at price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Notably, EURNOK is now close to its 20 and 50 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 20 day average, which is 762.7 pips away. Volatility for EURNOK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days EURNOK’s price has gone up 7 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.