(Last Updated October 8, 2020 2:17 GMT)
At the time of this writing, EURNOK’s rate is down -0.15 pips (-0.01%) 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 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)
The back and forth price flow continues for EURNOK, which started today off at 10.93255, down 461 pips 0.42% from yesterday. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 33rd in terms of percentage change since yesterday. Here is a price chart of EURNOK.
EURNOK Technical Analysis
Coming into today EURNOK is now close to its 20, 50, 100 and 200 day averages, located at 10.8811, 10.697, 10.701 and 10.7197 respectively, and thus may be at a key juncture along those timeframes. 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 515 pips away. Volatility for EURNOK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days EURNOK’s price has gone up 8 them.