EURNOK trade ideas
EURNOK Long I am going long on EURNOK after seeing multiple 4 hour rejection candles form at a Daily support level. I will be targeting previous resistance.
EURNOK - BUY on H4 - broken falling wedge patternbroken falling wedge pattern
price is approaching bottom of ST corrective structure
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.
eurNOK almost at a daily supportEURNOK is almost at a critical daily support, with stochastic confluence. Daily support has a 80% return rate
pendings are buys unless it breaks below... then full margin sells
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.
Waiting for a sizeable correctionA huge reversal is a clear evidence. Further huge EURO weakening should come in the next coming years.
But, but in the next shorter time frame(daily) I expect a stop. I would like to see a sideways correction and not to trade above the red resistance zone. After a weak rising correction, the further next support zone could trade below 10. We will see
