EURNOK Down 4 Pips On Hourly Chart; Nears 20 Day Moving Average

Hourly Update

(Last Updated May 4, 2021 2:19 GMT)

Currently, EURNOK’s rate is down 0.04 pips (0%) 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 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURNOK. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 20 hour changed directions on EURNOK; it is now pointing down. 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)

The back and forth price flow continues for EURNOK, which started today off at 9.99246, down 34 pips 0.03% from the previous day. Relative to other instruments in the Forex asset class, EURNOK ranked 25th the previous day in terms of percentage price change. Here is a price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

The first thing we should note is that EURNOK is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 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 down 10 them.