Going into the end of the year, I believe this is a good trade.
we are not at the 61.8 fib retracement and acting weak above the moving averages.
First trade small and I will add even on the upside until I have a full position
The pair has room upwards, but its to near to objective expectation. The over all pattern suggest we move back towards 11.6000.
Strategy SELL @ 11.9750-12.0200 and place SL @ 12.1200. Profit order @ 11.6550.
The pair had a very good run up, and the current pattern resembles a 'falls bull flag'. This suggests we may see a reasonable pullback, and the stochastic is on the high side as well, but still positive.
Strategy SELL @ 11.8350-11.8650 and place SL @ 11.9150 (financial stop) and take profit @ 11.6550 for now.
The EURNOK pair has topped on the long-term having made a Cycle peak on the week of May 29 2023. So far however, the 1W MA50 (blue trend-line) has (nearly) held twice as Support, but both rebounds failed to cross above the 0.618 Fibonacci level.
This price action is very similar to the previous Cycle peak of March 2020, leading to a 1W MA50 rebound that again...
EURNOK was observed to be undergoing corrective move during downtrend on 1H timeframe. However it has been noticed to retrace from 38.2%fib and is likely to continue impulse move of downtrend. No divergence on RSI has been observed. An instant sell order has been placed on retracement from 38.2%fib ; SL and TP have been proportionately marked on chart.
It is loosing its bullish strength and starts to look a little weak. EUR/NOK looks to be in a long term downtrend on the 4hr timeframe, which further confluence the heavy resistance it has right above. This also gives a clear area of demand waiting for it below to catch up a healthy trend.
Market Talk Roundup: Norges Bank Raises Rates, Another Rise in September Is Likely
Aug 17, 202311:59 GMT+1
Norges Bank raised its policy rate by 25 basis points to 4% on Thursday, as expected, and flagged the likelihood of another rise next month given inflation remains high. It refrained from further guidance, however, leaving the possibility that September could...
We have a potential Partial Rise at a 61.8% Retrace within an Ascending Broadening Wedge Pattern on the EURUSD with a Bearish PPO Confirmation Arrow.
If we hit the Demand Line from here, it is very likely it will break down and hit the Measured Move Target down at 7.22
Hey guys hope you doing good.
As we can see EURNOK MN demand is tested by the price and after all price just broke the descending TL on our entry time frames so its time to go long. Here we have got a very fine area to trade. Minimum we trade that as per its height. So good luck
