EUR/NOK Up 350 Pips On Hourly Chart, Entered Today Down For the 4th Day In A Row; Nears 50 Day Moving Average

Hourly Update

(Last Updated December 27, 2021 1:38 GMT)

Currently, EURNOK’s rate is up 3.5 pips (0.35%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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 down 35 pips (0.03%) since the day prior (opening today near 9.98303), marking the 4th day in a row a decrease has occurred. Relative to other instruments in the Forex asset class, EURNOK ranked 19th the day prior in terms of percentage price change. Here is a price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Notably, EURNOK is now close to its 20, 50, 100 and 200 day averages, located at 10.1693, 9.9908, 10.0929 and 10.1334 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 50 day average, which is 78.1 pips away. Or to simplify this another way, note that out of the past 14 days EURNOK’s price has gone down 9 them.