EURNOK Up 112 Pips in Last Hour, Entered Today Up For the 4th Straight Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 24, 2020 0:16 GMT)

Currently, EURNOK’s rate is up 1.12 pips (0.1%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURNOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURNOK is up 62 pips (0.06%) since the previous day (opening today near 10.937), marking the 4th straight day it has gone up. Relative to other instruments in the Forex asset class, EURNOK ranked 13th the previous day in terms of percentage price change. The price chart of EURNOK below illustrates.

EURNOK

EURNOK Technical Analysis

Coming into today the current price of EURNOK is sitting close to its 100 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 100 day average, which is 2337.5 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 16 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram