(Last Updated June 7, 2021 3:19 GMT)
At the moment, EURNOK’s rate is up 0.29 pips (0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
EURNOK End of Day Recap
Updated 00:30 GMT (04:30 EST)
The choppiness in the recent daily price action of EURNOK continues; to start today, it came in at a price of 10.1025, down 587 pips (0.58%) since the day prior. Relative to other instruments in the Forex asset class, EURNOK ranked 35th the day prior in terms of percentage price change. Below is a price chart of EURNOK.
EURNOK Technical Analysis
First things first: EURNOK crossed below its 20 and 100 day moving averages 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 20 day average, which is 192.4 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. Volatility for EURNOK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 30 days EURNOK’s price has gone up 17 them. We’re also seeing a bearish engulfing pattern form over the past two candles, which suggests the uptrend on the 30 and 90 day