EUR/NOK Up 53 Pips in Last Hour, Moves Down For the 3rd Day In A Row; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated September 24, 2021 1:47 GMT)

At the time of this writing, EURNOK’s rate is up 0.53 pips (0.05%) from the hour prior. The hourly chart shows that EURNOK has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURNOK. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 596 pips (0.59%) since yesterday (opening today near 10.0642), marking the 3rd day in a row it has gone down. Relative to other instruments in the Forex asset class, EURNOK ranked 34th yesterday in terms of percentage price change. Below is a price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

The first thing we should note is that the current price of EURNOK is sitting close to its 20, 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 20 day average, which is 1560.3 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 9 out of the past 14 days.