EURNOK Up 168 Pips Over Past Hour; Nears 200 Day Moving Average

Hourly Update

(Last Updated July 14, 2021 0:18 GMT)

At the moment, EURNOK’s rate is up 1.68 pips (0.16%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURNOK has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them so that price is now turning above it. 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 entered today at 10.31099, up 151 pips (0.15%) from the previous day. Out of the 39 instruments in the Forex asset class, EURNOK ended up ranking 7th for the day in terms of price change. Here is a price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Notably, the current price of EURNOK is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 200 day average, which is 467.5 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. 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. Or to simplify this another way, note that out of the past 14 days EURNOK’s price has gone up 8 them.