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Euro / Norwegian Krone

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EURNOK trade ideas

Bearish drop?EUR/NOK is rising towards the pivot which acts as a pullback resistance and could reverse to the 1st support which aligns with the 127.2% Fibonacci extension. Pivot: 11.74014 1st Support: 11.60040 1st Resistance: 11.84572 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Short
by ICmarkets
EUR/NOK has a strong bullish momentum, could it rise further?The price is falling towards the pivot which acts as a pullback support and could bounce to the 1st resistance. Pivot: 11.8178 1st Support: 11.7168 1st Resistance: 12.0124 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Long
by ICmarkets
Trade Signal Alert for EURNOK - Buy OpportunityDear Traders, We have identified a promising Buy opportunity for the EURNOK currency pair based on our sophisticated EASY Quantum Ai strategy. Direction: Buy Enter Price: 11.5935 Take Profit: 11.67234333 Stop Loss: 11.46212333 Justification for the Trade Our decision to go long on the EURNOK pair is data-driven and stems from multiple factors identified by the EASY Quantum Ai strategy: 1. Technical Indicators: Our algorithm detected strong bullish signals across multiple technical indicators, including moving averages, RSI, and MACD. These indicators show a clear upward momentum. 2. Economic Data: Recent economic data from the Eurozone suggests strengthening, which is likely to support the Euro. Simultaneously, a relatively weaker economic outlook for Norway supports the EURNOK pair moving upward. 3. Market Sentiment: Sentiment analysis reveals a positive outlook among institutional traders for this currency pair, indicating probable upward movement. 4. Seasonal Trends: Historical data suggests that this time of year typically sees a rise in the value of EURNOK, giving additional support to our bullish stance. Take action on this signal with confidence, and remember always to practice good risk management. Ensure that your entered trade corresponds with the defined Entry Price, Take Profit, and Stop Loss levels. Happy Trading! Best regards, Your Trading Team
Long
by ForexRobotEasy
EURNOK Strong buy opportunity.The EURNOK pair has made contact today with the 1D MA50 (blue trend-line) as a Resistance for the first time since May 16. This is the start of the new Bullish Leg of the 1-year Triangle pattern. All bottoms (green arcs) have been formed when the 1D RSI broke below the 30.00 oversold barrier, so this is technically a medium-term buy opportunity. The previous Lower High was priced on the 0.85 Fibonacci retracement level and the one before on the 0.95. As a result, our medium-term Target is 11.7500 (just below the 0.85 Fib). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
Long
by TradingShot
Trade Like A Sniper - Episode 44 - EURNOK - (17th June 2024)This video is part of a video series where I backtest a specific asset using the TradingView Replay function, and perform a top-down analysis using ICT's Concepts in order to frame ONE high-probability setup. I choose a random point of time to replay, and begin to work my way down the timeframes. Trading like a sniper is not about entries with no drawdown. It is about careful planning, discipline, and taking your shot at the right time in the best of conditions. A couple of things to note: - I cannot see news events. - I cannot change timeframes without affecting my bias due to higher-timeframe candles revealing its entire range. - I cannot go to a very low timeframe due to the limit in amount of replayed candlesticks In this session I will be analyzing EURNOK, starting from the 3-Month chart. If you want to learn more, check out my TradingView profile.
Education
by Road_2_Funded
Strategies for Trading Exotic Currency PairsStrategies for Trading Exotic Currency Pairs Exotic currency pairs offer unique opportunities in forex trading, combining major currencies with those from emerging or smaller economies. While they may be less frequently traded than major or minor pairs, their higher volatility can lead to significant price swings. This article delves into exotic currency pairs and trading strategies for speculating on these volatile price movements. Understanding Exotic Currency Pairs In the forex market, pairs are categorised into three types: major, minor, and exotic currency pairs. Exotic forex pairs typically involve one major currency paired with the currency of an emerging or a strong but smaller economy. They are less frequently traded compared to major or minor pairs, leading to higher volatility and potentially larger price swings. An exotic currency example is the pairing of the US Dollar (USD) with the Turkish Lira (TRY). These pairs often exhibit unique market dynamics. For instance, political events, economic developments, or changes in commodity prices can significantly influence exotic pairs due to their local market sensitivities. This aspect can lead to both opportunities and risks for traders. Exotic pairs tend to have wider spreads, reflecting their lower liquidity and higher transaction costs. However, for informed traders who understand these markets, exotics can offer exciting diversification opportunities. Traders should also be aware that exotic pairs may require more extensive monitoring due to their potential for rapid and unexpected price changes. Best Exotic Forex Pairs to Trade Exotic forex pairs are known for their volatility, offering traders opportunities for potential gains, albeit with higher risk. Among the most volatile exotic currency pairs, some stand out for their trading potential: USD/HUF (US Dollar/Hungarian Forint) EUR/NOK (Euro/Norwegian Krone) USD/SEK (US Dollar/Swedish Krona) GBP/SGD (British Pound/Singapore Dollar) USD/MXN (US Dollar/Mexican Peso) These pairs exhibit dynamic price movements, making them attractive for traders who can navigate their complexity and manage the associated risks effectively. Below, we’ll discuss three exotic pair trading strategies. To gain the best understanding of how they work, consider following along in FXOpen’s free TickTrader platform. Strategy 1: Bollinger Band Reversals With Parabolic SAR Confirmation This strategy combines Bollinger Bands and the Parabolic SAR to identify potential reversal points in exotic currency pairs. Bollinger Bands provide a visual representation of market volatility and price levels, while the Parabolic SAR helps confirm trend reversals. Entry Traders look for the price to react from the upper or lower Bollinger Band. The key is to observe the Parabolic SAR for confirmation of reversal within three candles, including the one touching the band. For instance, if the price touches the upper band, it's considered a potential sell signal if the Parabolic SAR switches and plots a dot above the candle, indicating a downtrend. For a potential buy signal, the price touches the lower band while Parabolic SAR plots a dot below the candle. Stop Loss Traders might place stop losses just beyond the Bollinger Band from where the price reacted or the reaction candle itself. Take Profit Profits may be taken at the opposing Bollinger Band. Alternatively, traders may close the trade when the Parabolic SAR indicates a trend reversal in the opposite direction. This strategy leverages the volatility of exotic pairs, with Bollinger Bands providing dynamic support and resistance levels, while the Parabolic SAR offers timely signals for trend reversals. Strategy 2: Heikin Ashi Trends With MACD This strategy integrates Heikin Ashi candles with the Moving Average Convergence Divergence (MACD) to identify trend directions and strength in exotic forex pairs. Entry After a colour switch in Heikin Ashi candles, traders typically wait for three consecutive candles of the same colour to form. The next step involves looking for a MACD signal line crossover, preferably in the direction of the current trend. This crossover post the Heikin Ashi colour change serves as a confirmation for the entry. Stop Loss Stop losses may be placed beyond a nearby swing point. This placement provides a buffer against minor price fluctuations while still maintaining a reasonable risk level. Take Profit Traders may take profits after observing three candles of the opposite colour. The theory states that traders exit the trade following a MACD crossover in the opposite direction. Alternatively, a suitable support or resistance level might also be used as a target for taking profits. Heikin Ashi candles smooth out price movements, making it easier to identify trends. When combined with MACD, a powerful tool for revealing momentum and confirming changes in the price direction, this strategy becomes effective in dealing with the trends and reversals common in exotic currency pairs. Strategy 3: Keltner Channel Breakout Using VWAP In this strategy, traders use Keltner Channel and Volume Weighted Average Price (VWAP) indicators on short-term charts (1 to 5 minutes) to capture swift movements in exotic currency pairs. Entry Traders typically focus on the VWAP to determine the market trend: long positions when the price is above the VWAP and short positions when below. The Keltner Channel, set with a multiplier of either 1 or 2, helps identify breakout opportunities. A multiplier of 2 is often preferred for reducing false signals, though 1 can provide quicker entries. Entry may be considered when the price breaks out of the Keltner Channel and retests the middle line, aligning with the trend indicated by the VWAP. Stop Loss Stop losses might be placed either beyond a nearby swing point or beyond the Keltner Channel or VWAP. This strategy may help in managing risk while allowing some room for price fluctuations. Take Profit Profits may be taken at a suitable support or resistance level. Another strategy may be to exit the trade if the price crosses the other side of the Keltner Channel. This strategy leverages the Keltner Channel to identify potential breakouts and retests, while the VWAP provides an additional layer of trend confirmation. The combination is particularly effective in short-term trading scenarios, making it a valuable approach for those trading volatile exotic pairs. The Bottom Line Trading exotic currency pairs requires careful strategy and an understanding of their unique dynamics. By applying the methods outlined, traders can potentially navigate these volatile markets with greater confidence. To explore these opportunities, consider opening an FXOpen account. We offer access to a range of exotic pairs and the tools necessary to navigate their volatility in our native TickTrader platform. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Education
by FXOpen
2
I get NOKed down.. but I get up again...You're never gonna keep me down, I get NOKed down, but I get up again, You're never gonna keep me down! Now that you all hopefully have the song stuck as much into your head as I have ;) we can go straight to the facts: It is true that over the past two years, the Norwegian krone has all too often been one of the big losers in the FX market. Not only has it embarrassingly been constantly beaten up against the EUR and traded at an all-time low, but it has even brought up the rear of ALL G10 currencies since November 2022. This was hardly surprising as almost all fundamental factors spoke against the NOK. However, the tide will turn dramatically in 2024, especially in the EURNOK: NOK positive: ➡️ Energy prices appear to have bottomed out and could rise again. ➡️ The oil price appears to be stabilising at the USD 60-70 mark and could rise if necessary in the event of a soft landing ➡️ January and February are seasonally positive for the NOK ➡️ Norges Bank surprised EVERYONE in December by raising interest rates again ➡️ Norges Bank enters 2024 as one of the hawkishest of the G10 central banks ➡️ A further rate hike by Norges Bank in early 2024 cannot be ruled out ➡️ It would raise interest rates while virtually all other central banks would be in rate-cutting mode ➡️ Norges Bank will drastically reduce its NOK purchases from January (as previously announced by me in the NOKSEK Tradeidee) , see here: My CHFNOK Short should also be a sure winner in 2024:
Short
by PrimeTrading
Exploring Cycles and Sine WavesEUR/NOK 4H Chart Analysis: Exploring Cycles and Sine Waves In this EUR/NOK 4-hour chart, we've delved into the fascinating world of market cycles and sine waves to hypothesize future price movements. By closely examining the rhythmic patterns of the market and applying cycle analysis tools, we aim to capture the essence of the currency pair's fluctuations. The chart showcases key sell signals where we hypothesized cycle peaks, complemented by a robust indicator at the bottom which merges cycle theory with classic technical analysis. The color transitions in the oscillator provide additional insight, potentially indicating momentum shifts. Please note that this is a speculative approach based on pattern recognition and cyclical behavior of the market, not a definitive prediction. As always, trade with caution and consider integrating other forms of analysis for a comprehensive strategy.
Short
by aaronkaltman
1
EURNOK Bearish short-term.The EURNOK pair is currently testing the 1D MA200 (orange trend-line), being at the same time supported by the 1D MA50 (blue trend-line). This ranged trade is the Higher High after the pair bottomed on December 27 2023 and started rising within a Channel Up. Based on the similar bottom rebound after the July 25 2023 Low, we expect the pair to reach the 0.5 Fibonacci level and then reverse downwards. If that happens we will sell there and target 11.3200 (Fib 0.236). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
Short
by TradingShot
1
EUR/NOK: Riding the Resistance Wave for a Potential ShortThe EUR/NOK pair is showing classic signs of a resistance ceiling at the 11.47 mark, coinciding with the peak of a visible cyclical pattern on the monthly chart. This level has historically acted as a strong barrier, repelling bullish attempts. The MACD indicator echoes this sentiment, with the histogram exhibiting a bearish crossover, potentially signaling diminishing upward momentum. Moreover, the stochastic oscillator is nearing overbought conditions, often a precursor to a reversal. Based on these technical observations, a short position is considered, anticipating a retracement from this confluence of resistance. As always, traders should employ sound risk management, acknowledging that technical setups are probabilities, not certainties.
Short
by aaronkaltman