EURNOK Down 90 Pips On Hourly Chart, Nears 100 and 200 Day Moving Averages; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 8, 2021 12:17 GMT)

At the time of this writing, EURNOK’s rate is down -0.9 pips (-0.09%) from the hour prior. The hourly chart shows that EURNOK has seen 3 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 100, 20, 200 and 50 hour moving averages, resulting in them with price now being below them. 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 10.2804, up 43 pips 0.04% from the day prior. Relative to other instruments in the Forex asset class, EURNOK ranked 23rd the day prior in terms of percentage price change. 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 averages, located at 10.3638, 10.3816, 10.2388 and 10.2695 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 200 day average, which is 108.9 pips away. 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone down 18 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.