EUR/NOK Up 187 Pips On 4 Hour Chart, Moves Down For the 3rd Day In A Row; Doji and Pin Bar Patterns Appearing on Chart

EUR/NOK 4 Hour Price Update

Updated May 14, 2020 09:09 AM GMT (05:09 AM EST)

EUR/NOK is up 187 pips (0.17%) since the previous 4 hours (opening the current 4 hour candle near 11.023), marking the 2nd candle in a row it has gone up. Out of the 37 instruments in the Forex asset class, EUR/NOK ended up ranking 5th for the four-hour candle in terms of price change.

EUR/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/NOK is down 9 pips (0.01%) since the day prior (opening today near 10.9861), marking the 3rd day in a row a decrease has occurred. Compared to its peers in the Forex, EUR/NOK gave its buyers a return that ranked 32nd in terms of percentage change since the day prior. The price chart of EUR/NOK below illustrates.

EUR/NOK Technical Analysis

Coming into today EUR/NOK is now close to its 20 and 100 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 1341.4 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 down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone down 7 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.

The View From Around the Web

Not much commentary on EURNOK that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on tradingview.com that we thought you might enjoy.