EUR/NOK Up 170 Pips Over Past Hour; Moves Down For the 2nd Day In A Row

Hourly Update

(Last Updated November 17, 2021 1:47 GMT)

At the moment, EURNOK’s rate is up 1.7 pips (0.17%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 100 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)

EURNOK is down 154 pips (0.15%) since the day prior (opening today near 9.895), marking the 2nd day in a row a decrease has occurred. Out of the 39 instruments in the Forex asset class, EURNOK ended up ranking 30th for the day in terms of price change. Let’s take a look at price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Coming into today EURNOK is now close to its 20, 50 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 521.6 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 14 day timeframe. Or to simplify this another way, note that out of the past 30 days EURNOK’s price has gone up 16 them.