EUR/NOK Up 114 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; 2 Day Up Streak Ended

Hourly Update

(Last Updated November 23, 2021 1:40 GMT)

At the time of this writing, EURNOK’s rate is up 1.14 pips (0.11%) 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 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 20 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)

EURNOK entered today at 10.0319, down 233 pips (0.23%) from the previous day. Relative to other instruments in the Forex asset class, EURNOK ranked 34th the previous day in terms of percentage 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 50 day average, which is 1044.5 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 14 and 30 day timeframes, where price is headed up. For additional context, note that price has gone up 6 out of the past 10 days.