EUR/NOK Up 34 Pips in Last 4 Hours, Moves Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

EUR/NOK 4 Hour Price Update

Updated June 23, 2020 01:06 PM GMT (09:06 AM EST)

The choppiness in the recent four-hour candle price action of EUR/NOK continues; to start the current 4 hour candle, it came in at a price of 10.7489, up 34 pips (0.03%) since the previous 4 hours. Out of the 37 instruments in the Forex asset class, EUR/NOK ended up ranking 18th for the four-hour candle in terms of price change.

EUR/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/NOK is up 12 pips (0.01%) since yesterday (opening today near 10.8015), marking the 2nd day in a row an increase has occurred. Compared to its peers in the Forex, EUR/NOK gave its buyers a return that ranked 27th in terms of percentage change since yesterday. The price chart of EUR/NOK below illustrates.

EUR/NOK Technical Analysis

The first thing we should note is that the current price of EUR/NOK is sitting close to its 20, 50 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 883.8 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 6 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.