EUR/NOK Up 218 Pips, Crosses 100 Day Moving Average; Price Base in Formation Over Past 30 and 90 Days

EUR/NOK Price Recap

EUR/NOK is up 218 pips (0.22%) since yesterday (with its current price near 10.0668), marking the 2nd day in a row an upward move has occurred. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 1.29% from the day prior, and up 88.44% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/NOK ranked 13th yesterday in terms of percentage price change. Let’s take a look at price chart of EUR/NOK.

EUR/NOK Technical Analysis

First things first: EUR/NOK crossed above its 100 day moving average yesterday. 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 138.6 pips away. Volatility for EUR/NOK has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. Price action traders in particular will want to note that the 30 and 90 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days EUR/NOK’s price has gone down 9 them.

A final note on correlations: in the recent most week, the currency pair bearing the strongest correlation to EUR/NOK has been EUR/NZD — not terribly surprising, given that EUR is in both currency pairs. On the flip side, in terms of pairs with the least correlation to EUR/NOK, that belongs to EUR/CHF over the past 7 days, but CHF/JPY over a two week period.