(Last Updated November 15, 2021 1:38 GMT)
Currently, EURNOK’s rate is up 0.39 pips (0.04%) 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. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on EURNOK. Given that we see an uptrend 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 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 8 pips (0.01%) since the previous day (opening today near 9.9355), marking the 4th day in a row an increase has occurred. Out of the 39 instruments in the Forex asset class, EURNOK ended up ranking 25th for the day in terms of price change. Below is a price chart of EURNOK.
EURNOK Technical Analysis
Notably, EURNOK is now close to its 20, 50, 100 and 200 day averages, located at 9.802, 9.9622, 10.1699 and 10.1467 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 266.9 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days EURNOK’s price has gone up 8 them.