EURNOK Down 17 Pips On Hourly Chart, Moves Up For the 2nd Consecutive Day; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated October 8, 2021 10:18 GMT)

At the time of this writing, EURNOK’s rate is down -0.17 pips (-0.02%) from the hour prior. The hourly chart shows that EURNOK has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURNOK. Given that we see an uptrend on the 20 and 10 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 choppiness in price, as the 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)

EURNOK is up 7 pips (0.01%) since the day prior (opening today near 9.9067), marking the 2nd consecutive day an increase has occurred. Relative to other instruments in the Forex asset class, EURNOK ranked 24th the day prior in terms of percentage price change. The price chart of EURNOK below illustrates.

EURNOK

EURNOK Technical Analysis

Notably, EURNOK is now close to its 20 day averages, located at 10.0946 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 20 day average, which is 1878.9 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. Or to simplify this another way, note that out of the past 30 days EURNOK’s price has gone down 17 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!