EUR/NOK Up 160 Pips, in a Downtrend Over Past 14 Days; Nears 50 and 100 Day Moving Averages

EUR/NOK Price Recap

10.0232 (USD) was the opening price of the day for EUR/NOK, resulting in yesterday being a day in which price moved up 160 pips 0.16% from the day prior. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 10.87% from the day before — and down 23.82% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/NOK ended up ranking 6th for the day in terms of day-over-day price change. The price chart of EUR/NOK below illustrates.

EUR/NOK Technical Analysis

Notably, EUR/NOK 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 258.6 pips away. Related to the moving average crossover is that EUR/NOK may have broken its trend on the 30 day basis, as the trend’s momentum appears to be slowing down. Volatility for EUR/NOK has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 8 out of the past 14 days.