EURNOK Down 69 Pips On Hourly Chart, 2 Day Down Streak Broken; Nears 100 Day Moving Average

Hourly Update

(Last Updated September 18, 2020 23:15 GMT)

Currently, EURNOK’s rate is down -0.69 pips (-0.06%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURNOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURNOK entered today at 10.7079, up 598 pips (0.56%) from yesterday. Compared to its peers in the Forex, EURNOK gave its buyers a return that ranked 3rd in terms of percentage change since yesterday. Below is a price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Notably, EURNOK is now close to its 20, 50, 100 and 200 day averages, located at 10.5864, 10.6028, 10.714 and 10.6499 respectively, and thus may be at a key juncture along those timeframes. 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 100 day average, which is 60.9 pips away. The clearest trend exists on the 14 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 90 day timeframe. For additional context, note that price has gone up 5 out of the past 10 days.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram