EURNOK Up 70 Pips in Last Hour, Moves Up For the 2nd Straight Day; Crosses 100 Day Moving Average

Hourly Update

(Last Updated September 22, 2020 0:16 GMT)

Currently, EURNOK’s rate is up 0.7 pips (0.06%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURNOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURNOK is up 411 pips (0.38%) since the day prior (opening today near 10.74903), marking the 2nd straight day an upward move has occurred. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 4th in terms of percentage change since the day prior. Here is a price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Notably, EURNOK crossed above its 100 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 100 day average, which is 409.2 pips away. Trend traders will want to observe that the strongest trend appears on the 14 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 90 day timeframe. For additional context, note that price has gone up 9 out of the past 14 days.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram