NOKEUR slips to lowest close since June 30th


Norwegian Krone/Euro (NOKEUR) Technical Analysis Report for Sep 18, 2020 | by Techniquant Editorial Team

Highlights

NOKEUR breaks below 100-day moving average for the first time since June 11th
NOKEUR falls to lowest close since June 30th
NOKEUR closes lower for the 2nd day in a row

Overview

Moving lower for the 2nd day in a row, NOKEUR finished the week -0.54% lower at 0.0929 after losing 4 pips (-0.43%) today. Today's close at 0.0929 marks the lowest recorded closing price since June 30th.

Daily Candlestick Chart (NOKEUR as at Sep 18, 2020):

Daily technical analysis candlestick chart for Norwegian Krone/Euro (NOKEUR) as at Sep 18, 2020

Friday's trading range has been 8 pips (0.86%), that's slightly below the last trading month's daily average range of 9 pips. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for NOKEUR.

The currency closed below the 100-day moving average at 0.0933 for the first time since June 11th. When this moving average was crossed below the last time on June 11th, NOKEUR actually gained 0.11% on the following trading day.

Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Trading close to July's low at 0.0923 we might see further downside momentum if potential sell stops at the level get triggered.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Support S1" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for NOK/EUR. Out of 387 times, NOKEUR closed higher 51.94% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after three trading days, showing a win rate of 51.16% with an average market move of 0.04%.


Market Conditions for NOKEUR as at Sep 18, 2020

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