EUR/NOK Up 179 Pips; in an Uptrend Over Past 14 Days

EUR/NOK Price Recap

The choppiness in the recent daily price action of EUR/NOK continues; to start today, it comes in at a price of 10.35225 US dollars, up 179 pips (0.17%) since yesterday. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 22.25% from the day prior, but up 62.86% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/NOK ended up ranking 15th for the day in terms of day-over-day price change. Let’s take a look at price chart of EUR/NOK.

EUR/NOK Technical Analysis

Notably, the current price of EUR/NOK is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 2105.1 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days EUR/NOK’s price has gone up 17 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURNOK, with 0 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

If price breakouts the wolfe wave line, short movements are possible.