Out of the 40 instruments in the forex asset class, eur/nok ended up ranking 5th for the day in terms of day-over-day price change.
The clearest trend exists on the 14 day timeframe, which shows price moving down over that time.
The closest is the 50 day average, which is 113.4 pips away.
The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 36.52% from the day prior, but down 4.57% from the same day the week before.
If price shows enough bullish evidence to the upside, we go long with potential target at 10.23380.
It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign.
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.