EUR/NOK Up 94 Pips On Hourly Chart, 2 Day Up Streak Ended; Crosses 20 Day Moving Average

Hourly Update

(Last Updated December 16, 2021 1:41 GMT)

At the time of this writing, EURNOK’s rate is up 0.94 pips (0.09%) 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)

The choppiness in the recent daily price action of EURNOK continues; to start today, it came in at a price of 10.15316, down 825 pips (0.81%) since the day prior. Out of the 39 instruments in the Forex asset class, EURNOK ended up ranking 36th for the day in terms of price change. The price chart of EURNOK below illustrates.

EURNOK

EURNOK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURNOK crossed below its 20 day moving average yesterday. 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 31.7 pips away. Trend traders will want to observe that the strongest trend appears on the 30 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. Or to simplify this another way, note that out of the past 14 days EURNOK’s price has gone up 7 them.