EUR/NOK Down 460 Pips Over Past 4 Hours, Came Into Today Down For the 2nd Day In A Row; Price Base in Formation Over Past 14 Days

EUR/NOK 4 Hour Price Update

Updated April 17, 2020 05:10 PM GMT (01:10 PM EST)

EUR/NOK is down 460 pips (0.41%) since the previous 4 hours (opening the current 4 hour candle near 11.2207), marking the 2nd candle in a row it has gone down. Compared to its peers in the Forex, EUR/NOK gave its buyers a return that ranked 35th in terms of percentage change since the previous 4 hours.

EUR/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/NOK is down 753 pips (0.66%) since the previous day (opening today near 11.24952), marking the 2nd day in a row it has gone down. Out of the 40 instruments in the Forex asset class, EUR/NOK ended up ranking 37th for the day in terms of price change. The price chart of EUR/NOK below illustrates.

EUR/NOK Technical Analysis

Notably, EUR/NOK is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 6 out of the past 10 days.