EURNOK Down 58 Pips in Last Hour, Came Into Today Up For the 3rd Day In A Row; Breaks Above 20 Day Average

Hourly Update

(Last Updated October 16, 2020 3:17 GMT)

At the time of this writing, EURNOK’s rate is down -0.58 pips (-0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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)

EURNOK is up 798 pips (0.74%) since the day prior (opening today near 10.9298), marking the 3rd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, EURNOK ranked 2nd the day prior in terms of percentage price change. Let’s take a look at price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURNOK crossed above its 20 day moving average yesterday. 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 32.1 pips away. Trend traders will want to observe that the strongest trend appears on the 30 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 down 8 them.