EUR/NOK Up 42 Pips in Last Hour, Came Into Today Down For the 2nd Straight Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated July 15, 2022 1:42 GMT)

Currently, EURNOK’s rate is up 0.42 pips (0.04%) from the hour prior. This is the 2nd hour in a row EURNOK has seen its price head up. Regarding the trend, note that the strongest trend exists on the 50 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 89 pips (0.09%) since the previous day (opening today near 10.2497), marking the 2nd straight day a decrease has occurred. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 31st in terms of percentage change since the previous day. Here is a price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURNOK crossed below its 50 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 50 day average, which is 119.4 pips away. Volatility for EURNOK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 day timeframe. For additional context, note that price has gone down 6 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.