EURNOK Up 66 Pips Over Past Hour; Nears 100 and 200 Day Moving Averages

Hourly Update

(Last Updated September 16, 2020 23:16 GMT)

At the time of this writing, EURNOK’s rate is up 0.66 pips (0.06%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Of note is that the 100 hour changed directions on EURNOK; it is now pointing down. 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 choppiness in the recent daily price action of EURNOK continues; to start today, it came in at a price of 10.6965, down 150 pips (0.14%) since yesterday. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 29th in terms of percentage change since yesterday. The price chart of EURNOK below illustrates.

EURNOK

EURNOK Technical Analysis

The first thing we should note is that EURNOK is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 280.8 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone down 17 out of the past 30 days.

The View From Around the Web

Not much commentary on EURNOK that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com that we thought you might enjoy.


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