EURNOK
USDNOK is facing a crossroadAs 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 8,30's. Several other indicators are also now slowly turing down, which could support a lower move.
In that matter, a short-setup could offer a fair risk-reward.
Trade setup:
Short entry from 8,58-8,60. Stop loss if we close above 8,65 on a daily timeframe.
Target 1 is 8,40 and target 2 is 8,30.
Play it safe and goodluck!
Important level coming up in USDNOKSince 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 highs and lower lows.
The levels to watch for, as in bull/bear line is 8,52-8,50. On the upside we have great resistance just above 8,65, and while on the downside we should find great support 8,41-8,43.
Play it safe untill we see a better trade-setup, offering a better risk/reward.
Confirm weekly viewThis can confirm our weekly view on this pair. Lets take a position and see what happens. Good luck
Golden opportunity?Golden opportunity to shot nok on the long term? It looks valid. Lets give it a try
EU Losing MomentumEU have had a good run lately, but it seems over, for now at least. EURNOK is a bit special to me. Won a lot, lost a bit, yet, I keep fixating on it because of the large swings and very clear formations it makes. Finally it has come to a point when it is either breaking out short or consolidating. Looking at the past six days, it couldn't make new tops, it's sliding downwards. To add on that, short-term MACD, RSI and mid-term Stochastic seems to agree on most charts, that it's going downwards.
EURNOK New BreakoutA breakout just happened on this pair. I'm only in for a small amount, because EUR has released strong numbers and volume isn't strong. It have been building up cash for over a weak now. But it's a solid breakout, with an exhausted candle yesterday. There is always the chance it might pull back a bit, in US market open, so you could wait. If RSI is diving under 25.0000 I might add to my short position.
EURNOK ReboundIt's rebounding on the fan. EUR is not having a good morning, so a nice add for those that jumped in the last time I had this pair up. For new comers it might be a small entry for you. We are below all ema/ma's, rsi can't make new high. I believe a few coins can me made on this trade.
EURNOK Breakout 3TAPWaited for this to happen for some time now. Hopefully patients will pay off. I have a pretty aggressive short position. Be aware of my stop loss. It is large, but it needs to be over the breakout line so I do not get stopped out if/when stop loss hunt begins. Profit could be bigger than I show, but currently I limit it around 8.83730 which is the last time 200MA had a consolidation. (Zoom out on the chart to see)
EURNOK Norse resistanceEURNOK might not be the most popular pair, but it sure is graphical. Look at this 4TAP formation. You can be sure if that breaks, it will fall like a stone. If not, it might bounce up to a nice long which will eventually find support resistance again at 55MA, if it breaks that we look at resistance at 200MA. Really looking forward to see what eurnok does over the next week.
EURNOK LongEURNOK has hit a resistance level at around 8.929 and I would look for a rebound upwards. There is also a wedge forming which further emphasises the long recommendation.
We can also see an uptrend on CCI and RSI was close to being oversold before it showed some momentum upwards.
I would look for a return to the diagonal trendline as a first target, and a return to around 9.12 as a second target.
Eurnok Short At Major SupportANALYSIS AND RESEARCH:
We can say that it is moving in clear consolidation zone and for most traders this area is more interesting for trend reversal trades and it acts like the same so in our opinion if it drops more and breaks below lower trend Line then we can expect it to drop more towards the flag possibly.
Eur on overall basis acts as weak pair so keep an eye on that as well.
Extra News Related to this Pair:
According to zukumati sarkoshi our cheif analyst saying that if it drops below the lower major support it is armageddon for eur/nok pair let us see which way it will fall.
EURNOK - UPTREND FORMING(?)This post is a bit hypothetical and completely out of character for me, because I usually trade after I've received complete and total indication that moves are going to play out in my favor, but I've seen this pattern play out so many times that it seems silly not to at least make you guys aware of a possible way this pair could develop. I see an uptrend forming here, considering the strong RSI, as well as the recent bounce off of the support. Keep an eye on this one, and get in if you feel comfortable.
EURNOK Resistance + very bearish price actionTook a position two days ago on 9.08 due to bearish price action and resistance on 100day average + 0.382 fib. Got some very bearish candles these last two days confirming the bearish bias with first TP on 8.93 area.
Also hoping for a break of the rectangle and a continuation of the downward channel/trend.
EURNOK : SELLHead and shoulder.
Now it retest LOW.
IF it continue, it proove that confirm wave 3 or C.
TP around 8.56762
