EUR/NOK Up 86 Pips in Last 4 Hours; Pin Bar Pattern Appearing on Chart

EUR/NOK 4 Hour Price Update

Updated April 24, 2020 01:17 AM GMT (09:17 PM EST)

A moment of silence, please, for the end of EUR/NOK’s 5 four-hour candle down streak; price ended the last 4 hour candle up 86 pips (0.08%) to finish the four-hour candle at a rate of 11.4611. Relative to other instruments in the Forex asset class, EUR/NOK ranked 7th the last 4 hour candle in terms of percentage price change.

EUR/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for EUR/NOK, which started today off at 11.4624, up 66 pips 0.06% from the previous day. Relative to other instruments in the Forex asset class, EUR/NOK ranked 16th the previous day in terms of percentage price change. The price chart of EUR/NOK below illustrates.

EUR/NOK Technical Analysis

The first thing we should note is that 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. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. For additional context, note that price has gone up 6 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.