EUR/NOK Up 276 Pips, in a Downtrend Over Past 14 Days; Price Base in Formation Over Past 90 Days

EUR/NOK Price Recap

The back and forth price flow continues for EUR/NOK, which starts today off at 10.045 US dollars, up 276 pips 0.28% from the previous day. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 45.15% from the day prior, and up 60.38% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/NOK ranked 15th yesterday in terms of percentage price change. The price chart of EUR/NOK below illustrates.

EUR/NOK Technical Analysis

Coming into today EUR/NOK is now close to its 20, 50, 100 and 200 day averages, located at 10.0882, 9.9883, 10.0523 and 9.9332 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 73.1 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. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 90 day period 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.