EUR/NOK Up 215 Pips in Last Hour, 4 Day Up Streak Broken; Nears 50 Day Moving Average

Hourly Update

(Last Updated November 16, 2021 1:46 GMT)

At the time of this writing, EURNOK’s rate is up 2.15 pips (0.22%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURNOK has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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)

After 4 up days, EURNOK snaps its streak, falling 251 pips (-0.25%) over the past day to close at an exchange rate of 9.91036. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 27th in terms of percentage change since the day prior. The price chart of EURNOK below illustrates.

EURNOK

EURNOK Technical Analysis

Notably, 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 50 day average, which is 445.1 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 14 days EURNOK’s price has gone up 10 them.

The View From Around the Web

Not much commentary on EURNOK that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

educational purpose,i personally have never traded this but I want to believe it follows price action like the others lol