EURNOK Down 40 Pips in Last Hour, 3 Day Up Streak Snapped; Nears 20 Day Moving Average

Hourly Update

(Last Updated September 7, 2020 15:15 GMT)

At the time of this writing, EURNOK’s rate is down -0.4 pips (-0.04%) 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. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURNOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

After 3 up days, EURNOK snaps its streak, falling 225 pips (-0.21%) over the past day to close at an exchange rate of 10.53097. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 29th in terms of percentage change since the day prior. The price chart of EURNOK below illustrates.

EURNOK

EURNOK Technical Analysis

Coming into today EURNOK is now close to its 20, 50, 100 and 200 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 20 day average, which is 59.3 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days EURNOK’s price has gone up 7 them.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram