EURNOK Down 1 Pips On Hourly Chart; Entered Today Down For the 2nd Consecutive Day

Hourly Update

(Last Updated July 23, 2021 2:19 GMT)

At the moment, EURNOK’s rate is down 0.01 pips (0%) from the hour prior. The hourly chart shows that EURNOK has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 577 pips (0.55%) since the previous day (opening today near 10.41779), marking the 2nd consecutive day a decline has happened. Out of the 39 instruments in the Forex asset class, EURNOK ended up ranking 37th for the day in terms of price change. Let’s take a look at 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 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 200 day average, which is 766.8 pips away. Trend traders will want to observe that the strongest trend appears on the 30 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 EURNOK’s price has gone up 19 them.