EUR/NOK Up 554 Pips in Last Hour, Entered Today Up For the 4th Day In A Row; Nears 20 Day Moving Average

Hourly Update

(Last Updated June 13, 2022 1:38 GMT)

Currently, EURNOK’s rate is up 5.54 pips (0.54%) from the hour prior. EURNOK has seen its price go up 5 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar 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. 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 up 71 pips (0.07%) since the day prior (opening today near 10.2009), marking the 4th day in a row it has gone up. Relative to other instruments in the Forex asset class, EURNOK ranked 12th the day prior in terms of percentage price change. Let’s take a look at price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Coming into today the current price of EURNOK is sitting close to its 20 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 198.4 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. For additional context, note that price has gone up 7 out of the past 14 days.