EUR/NOK Up 72 Pips Over Past Hour, Underperforms All Forex; Breaks Below 20 Day Average

Hourly Update

(Last Updated July 5, 2022 1:39 GMT)

Currently, EURNOK’s rate is up 0.72 pips (0.07%) from the hour prior. EURNOK has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURNOK. Given that we see downtrend 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)

The back and forth price flow continues for EURNOK, which started today off at 10.2317, down 1177 pips 1.14% from the previous day. It may be worth observing that EURNOK was the worst performer of the 39 members in the Forex asset class over the past day. 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 below 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 50 day average, which is 328.6 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 day timeframe. For additional context, note that price has gone down 7 out of the past 10 days.