EUR/NOK Down 23 Pips Over Past 4 Hours, Nears 20, 50 and 200 Day Moving Averages; Pin Bar Pattern Appearing on Chart

EUR/NOK 4 Hour Price Update

Updated July 30, 2020 01:09 AM GMT (09:09 PM EST)

EUR/NOK is down 23 pips (0.02%) since the last 4 hour candle (opening the current 4 hour candle near 10.6425), marking the 2nd candle in a row it has gone down. Relative to other instruments in the Forex asset class, EUR/NOK ranked 18th the last 4 hour candle in terms of percentage price change.

EUR/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/NOK entered today at 10.6469, up 60 pips (0.06%) from the previous day. Out of the 40 instruments in the Forex asset class, EUR/NOK ended up ranking 14th for the day in terms of price change. The price chart of EUR/NOK below illustrates.

EUR/NOK

EUR/NOK Technical Analysis

The first thing we should note is that the current price of EUR/NOK 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 35.7 pips away. It should be noted, though, the 20 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 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 7 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.