EUR/NOK Up 32 Pips in Last Hour, Tops All Forex; Crosses 100 Day Moving Average

Hourly Update

(Last Updated September 16, 2022 1:40 GMT)

At the time of this writing, EURNOK’s rate is up 0.32 pips (0.03%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURNOK has now gone up 8 of the past 10 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 doji 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)

The back and forth price flow continues for EURNOK, which started today off at 10.1668, up 1111 pips 1.1% from yesterday. On a relative basis, yesterday was pretty good: EURNOK bested all 39 of the assets in the Forex class 🙂 Let’s take a look at price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

First things first: EURNOK crossed above its 100 day moving average 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 100 day average, which is 703.2 pips away. It should be noted, though, the 200 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 14 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 16 them.