(Last Updated November 20, 2020 2:17 GMT)
At the time of this writing, EURNOK’s rate is down -0.55 pips (-0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being below it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 23 pips (0.02%) since the previous day (opening today near 10.6828), marking the 2nd straight day a decrease has occurred. Out of the 40 instruments in the Forex asset class, EURNOK ended up ranking 17th for the day in terms of price change. The price chart of EURNOK below illustrates.
EURNOK Technical Analysis
Coming into today EURNOK is now close to its 20, 50, 100 and 200 day averages, located at 10.8478, 10.8729, 10.7359 and 10.8546 respectively, and thus may be at a key juncture along those timeframes. 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 530.6 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 14 days EURNOK’s price has gone down 8 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.