EURNOK Up 43 Pips On Hourly Chart, in a Downtrend Over Past 90 Days; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated February 25, 2021 0:20 GMT)

Currently, EURNOK’s rate is up 0.43 pips (0.04%) from the hour prior. EURNOK has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. 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 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)

After 5 up days, EURNOK snaps its streak, falling 355 pips (-0.34%) over the past day to close at an exchange rate of 10.2872. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 34th in terms of percentage change since yesterday. 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 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 7 out of the past 14 days.