EURNOK Up 78 Pips Over Past Hour, Moves Down For the 3rd Straight Day; Breaks Below 50 Day Average

Hourly Update

(Last Updated June 9, 2021 20:20 GMT)

At the time of this writing, EURNOK’s rate is up 0.78 pips (0.08%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. 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. Of note is that the 50 hour changed directions on EURNOK; it is now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 134 pips (0.13%) since the day prior (opening today near 10.06089), marking the 3rd straight day a decline has happened. Relative to other instruments in the Forex asset class, EURNOK ranked 26th the day prior in terms of percentage price change. The price chart of EURNOK below illustrates.

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 60.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 30 days EURNOK’s price has gone up 17 them.

The View From Around the Web

Not much commentary on EURNOK that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on tradingview.com that we thought you might enjoy.