(Last Updated June 6, 2022 1:41 GMT)
Currently, EURNOK’s rate is up 0.77 pips (0.08%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. 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)
EURNOK entered today at 10.10669, up 369 pips (0.37%) from the day prior. Relative to other instruments in the Forex asset class, EURNOK ranked 12th the day prior in terms of percentage price change. Let’s take a look at price chart of EURNOK.
EURNOK Technical Analysis
Coming into today 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 20 day average, which is 928.9 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 down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. For additional context, note that price has gone down 6 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.