EURNOK Down 111 Pips in Last Hour, Breaks Below 20 and 100 Day Averages; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated June 7, 2021 17:19 GMT)

Currently, EURNOK’s rate is down -1.11 pips (-0.11%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURNOK has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji 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. 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 yesterday. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 35th in terms of percentage change since yesterday. Below is a price chart of EURNOK.

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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days EURNOK’s price has gone up 5 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