The EUR/NOK currency pair has been stranded in an ascending channel in force since mid-July. The latest confirmation was provided in this session when the price halted near the 9.33 mark for the second time in two days. Being a bullish pattern, this ascending channel should guide the pair for an upside breakout that may occur next week. However, the latest two...
Disclosure: 2 x RM Long Positions. Prices not revealed to Public. I like long EURNOK and am putting my money where my mouse is. What I see: (1) Break-Out above Upper-Bound of Falling Weekly Channel. (2) Successful Back-Test & Continuation of (1) @ 9.22 level and 50% Fib Retracement of (1). Why I like the Trade: (A) Price Action: Strong Daily bounce at (2);...
The European common currency is trading in a channel down against the Norwegian Krone. The given pattern is a relatively narrow short-term formation that can be considered as a part of an intermediate ascending channel. The rate reached the lower channel boundary of both patterns mid-session and therefore is expected to dash above the 9.32 mark to initiate a new...
The market pressure say that this cross will breakout and get lower prices. For a complete list of market pressure visit my twitter profile
Monthly candle analysis suggests EURNOK may move lower. This together with Brexit turmoil and economic instability in the world will help propel this pair down. This instrument is now on my watch list for the month of August. I'll be looking for short signals on the daily time frame. Once I get a signal I will attempt to make entry on the 15 minute chart during London.
2 different patterns in formation, will se how to trade that situation
it is the nice setup if you want to sell. But wait the price to consolidate and breakout support for sure is better.
EURNOK is currently in a topping pattern; RSI is showing divergence. Short would aim at the bottom of the pattern first.
After the breakout the price get under MA100 (H4).
Note on Chart. Thank you for your support and trade with care!
As mentioned last week, we did not have any clear direction and the pair reflects high volatility for time being. However, we have due to French election touched the upper trendline since the highs in 2016 and now reacted down. From a weekly timeframe, a weekly close below 8,60-8,58 would suggest some kind of retracement, where support is found at 8,40 and lows...
Since the lows in february this year, the trend has been upwards with higher highs and higher lows. But recent top above 8,65 came with a negativ divergence and now we might face a possible trend-change. However, the level around 8,52-8,50 should be key for the next big move in USDNOK. Failure to hold this level, we will confirm a new counter trend with lower...
This can confirm our weekly view on this pair. Lets take a position and see what happens. Good luck