EUR/NOK Up 19 Pips On Hourly Chart, Moves Up For the 2nd Day In A Row; is Inching Close to 20 Day Average

Hourly Update

(Last Updated September 30, 2021 21:35 GMT)

At the time of this writing, EURNOK’s rate is up 0.19 pips (0.02%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURNOK has now gone down 8 of the past 10 hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURNOK. Given that we see downtrend on the 20 and 10 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 is up 507 pips (0.5%) since yesterday (opening today near 10.17049), marking the 2nd day in a row an increase has occurred. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 9th in terms of percentage change since yesterday. Here is a price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

The first thing we should note is that the current price of EURNOK is sitting close to its 20, 50, 100 and 200 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 178.2 pips away. Volatility for EURNOK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 8 out of the past 14 days.