EUR/NOK Up 98 Pips On Hourly Chart, 2 Day Down Streak Broken; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated January 14, 2022 1:42 GMT)

Currently, EURNOK’s rate is up 0.98 pips (0.1%) from the hour prior. EURNOK has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURNOK. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 entered today at 9.9637, up 541 pips (0.55%) from the day prior. Out of the 39 instruments in the Forex asset class, EURNOK ended up ranking 4th for the day in terms of price change. Let’s take a look at price chart of EURNOK.

EURNOK

EURNOK Technical Analysis

Coming into today the current price of EURNOK is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 543.7 pips away. Volatility for EURNOK 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 30 day horizon; over that time period, price has been moving down. 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. Or to simplify this another way, note that out of the past 10 days EURNOK’s price has gone up 6 them.