EUR/NOK Down 242 Pips On 4 Hour Chart, Entered Today Up For the 2nd Day In A Row; in a Downtrend Over Past 90 Days

EUR/NOK 4 Hour Price Update

Updated June 29, 2020 09:10 PM GMT (05:10 PM EST)

EUR/NOK, which opened the current 4 hour candle priced near 10.8828, is down 242 pips 0.22% since the last 4 hour candle, marking a reversal from the candle prior — and the end of a 3 four-hour candle positive run. Out of the 37 instruments in the Forex asset class, EUR/NOK ended up ranking 36th for the four-hour candle in terms of price change.

EUR/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/NOK is up 66 pips (0.06%) since the previous day (opening today near 10.89305), marking the 2nd day in a row it has gone up. Compared to its peers in the Forex, EUR/NOK gave its buyers a return that ranked 5th in terms of percentage change since the previous day. The price chart of EUR/NOK below illustrates.

EUR/NOK Technical Analysis

Notably, the current price of EUR/NOK is sitting close to its 20, 50 and 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 50 day average, which is 356.3 pips away. Volatility for EUR/NOK 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 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days EUR/NOK’s price has gone down 8 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.