EURNOK
Are you trading NOK or OSEBX?BE aware for change in trend. EUR/NOK have good support at these levels. unexpected and noticeable weakning of NOK should lead to short -term correction.
The EUR/NOG exchange rate is having some difficultiesThe euro to Norwegian krone exchange rate is having some difficulties climbing up in the trading sessions. But luckily for bears, the odds are looking better for the Norwegian krone. Looking at it, the strength of the Norwegian krone is mainly driven by crude prices and it’s also affected by the single currency and the performance of other currencies in the region. As of writing, oil prices continue to hold on despite the heavy pour of bearish news. It was recently reported that the Organization of the Petroleum Exporting Countries finally relaxed its historic production cut and the markets are bracing for more. This comes as major economies continue to open their economy and ease their travel restrictions despite the still increasing number of COVID-19 cases around the world. Earlier this year, the group agreed to dramatically reduce their production to prevent oil prices from plummeting, this also helped the cause of the Norwegian krone.
EURNOK - Opportunities! Not my usual choice, but if there's a good clean set-up I will go ahead and analyse it further.
EUR/NOK - Will the bullish momentum continue?
Technical Aspect:
- Pattern wise - Looks like inverse head and shoulders.
- As long as its above that trend-line up the bulls are still in control
- This trade idea, could reach towards 161.8 areas
As the market moves in waves, nothing goes up in a straight line - Pull back is due EUR looking very over extended.
There's various options you could take:
- Do the pull back towards this trade
- Wait for the pull back and then advance towards next resistance areas.
Please keep in mind below that key trend-line up the bears are in control - only until then!
Remember: Just an idea, not a recommendation.
Have a great weekend ahead.
EURNOK look for a retracement? 🦐EURNOK has been moving inside a discending channel between the orange trendlines.
Lately the market has move inside a minor channel and currently is consolidating below a daily structure.
If the market will manage to break and close above the structure we can set a nice long order according with our strategy .
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Follow the Shrimp 🦐
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
EURNOK Trading PlanPattern: Triangle on 1D.
Signal: (A) Bullish if the Resistance breaks, (B) Bearish if the Support breaks.
Target: (A) 11.800 (0.5 Fibonacci retracement level), (B) 10.000 (the Lower Support).
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
EURNOK Bullish IdeaAt the opening of the market I'll be speculating price reaction as price makes its way into the triangle looking for Long Confirmations.
Patience will play a big role in this pair as I expect price to take the majority of traders into an emotional rollercoaster, candle stick confirmation, Risk/Reward & Price Patterns will play a big role in this entry if reached.
EURNOK Short - FlashcardEURNOK Short
Direction: - Pair is in Bearish Order Flow and has Bearish Momentum on the H4 and Daily.
- Pattern formed in the Bearish H4 OB (Order Block).
Entry: - W (Double Top) Pattern Formation.
- Divergence occurred.
- RSI crossed volatility bands (Shark-fin), indicating a drop in the pair.
- RSI near the 68 (exhaustion zone), indicating pair was overbought.
- 13 EMA cross on second leg of pattern confirmed drop. This is my entry.
- MBL (Market Base Line) curved downwards after entry, confirming drop.
- 800 EMA showed resistance to the pattern.
Exit: - 40 pip SL @ above high (top of H4 OB).
- 71 pip TP @ day close. Did not go to original TP, however I do not like holding trades for more than one day, so I closed the trade before the day ended.
The EUR/NOK is heading downwards towards its support levelThe euro to Norwegian krone exchange rate is heading downwards towards its support level. The pair is expected to once again reach its support by the end of the month as bearish investors take advantage of the euro’s weakness. The move should further push the 50-day moving average even lower and closer to the 200-day moving average. Bearish investors are hoping to run away this time and break past the pair’s support level as they try to recover their major losses from earlier this year. The Norwegian krone should take control of the euro as the risk sensitivity in the market dies. As reported last week, the bleak update of the United States Federal Reserve has shifted the dynamics in the global market, causing risk-linked currencies such as the euro to falter against other currencies in the market. And as for the Norwegian krone, the prices of crude oil in the commodity market is preventing it from buckling against the single currencies.
EUR/NOK will continue to move lower in the following daysThe pair will continue to move lower in the following days towards its 02 January 2020 price level. Norway is bound to recover earlier and faster than other countries in the European region. This was due to its immediate response after the coronavirus outbreak became pandemic. Norway was among the first countries to shut their border and implement social distancing rules. It is also among the first to restore business operations following its successful combat against COVID-19. Analysts believe that the 11.4% contraction in March and April was the peak of Norway’s economic downturn. Also, a major part of the decline was attributed to the slump of crude oil prices. But now that the oil markets are recovering along with Norway’s economy, a robust recovery is expected. On the other hand, the single currency led by Germany continues to suffer on the weak economic figures and activity in Berlin and Paris.
The fundamentals are mainly supporting the Norwegian kroneRight now, the fundamentals are mainly supporting the Norwegian krone, helping it to recover against the single currency. Technically speaking, the krone is a commodity currency, meaning that it’s very much affected by how the crude market moves. And looking at the current status of crude, it appears that prices are currently steady as of the moment. Another factor that’s supporting the Norwegian krone is its correlation with other currencies in the region which are also seen appreciating in the previous sessions. Also, experts believe that the Norwegian central bank won’t prefer negative rates. Instead, local economists believe that the Norges Bank will opt to boost liquidity in the market. With this momentum, bearish investors are widely expected to steadily and gradually push the euro to the Norwegian krone exchange rate to its support level. Such a move will further force the 50-day moving average lower and nearer the 200-day moving average.
