EURNOK Up 86 Pips On Hourly Chart, Underperforms All Forex; Entered Today Down For the 4th Day In A Row

Hourly Update

(Last Updated October 6, 2021 10:17 GMT)

At the moment, EURNOK’s rate is up 0.86 pips (0.09%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURNOK has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 100 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 is down 679 pips (0.68%) since yesterday (opening today near 9.89009), marking the 4th day in a row a decline has happened. On a relative basis, EURNOK was the worst performer out of all 39 of the assets in the Forex asset class. Below is a price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Notably, EURNOK is now close to its 20 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 2411.5 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. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days EURNOK’s price has gone down 7 them.