EURNOK finds buyers again around 11.4749
Euro/Norwegian Krone (EURNOK) Technical Analysis Report for Mar 27, 2020 | by Techniquant Editorial Team
EURNOK finished the week -6.82% lower at 11.6813 after gaining 1963 pips (1.71%) today. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (EURNOK as at Mar 27, 2020):
Friday's trading range has been 3011 pips (2.62%), that's slightly below the last trading month's daily average range of 4632 pips. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for EURNOK. Prices continued to consolidate within a tight trading range between 11.4498 and 12.0294 where it has been caught now for the last three trading days.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving lower in the prior session, the market managed to close higher but below the previous day's open, forming a bullish Harami Candle. Additionally, one bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 18th, EURNOK actually lost -2.31% on the following trading day.
Prices are trading close to the key technical support level at 11.4498 (S1). After having been unable to move lower than 11.4498 in the prior session, the forex pair found buyers again around the same price level today at 11.4749.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 11.4498 where further sell stops might get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Harami Candle" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for EUR/NOK. Out of 74 times, EURNOK closed lower 59.46% of the time on the next trading day after the market condition occurred.
With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are GBPUSD gaining 2.08% and AUDUSD closing 1.65% higher. On the flipside the worst performers have been USDJPY closing -1.48% lower and USDCHF losing -1.27%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been GBPZAR surging 3.95% and CHFZAR closing 3.11% higher. The worst performers of the day have been ZARJPY tanking -3.32% and TRYJPY closing -2.45% lower. Read more