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Euro / Norwegian Krone

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EURNOK trade ideas

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
EURNOK - An Elliott Wave Masterpiece! (+17,000pip Target!) ✨EURNOK is currently giving us a masterclass on Elliott Wave. We have the perfect impulse schematic, which follows every rule of Elliott Wave Theory. IMPULSE ELLIOTT WAVE SCHEMATIC Wave 1 = 5 waves (Impulse) Wave 2 = 3 waves (Correction) Wave 3 = 5 waves (Impulse) Wave 4 = 3 waves (Correction) Wave 5 = 5 waves (Impulse OR Correction in the form of a diagonal) We can see that wave 2 was a simple correction and when that happens, it is often expected that wave 4 will be a complex correction. In this scenario, we have wave 4 appearing as a complex Flat correction (3-3-5). We are currently in the wave C of the flat correction = 5 subwaves. We are seeing subwave 4 now and expecting one final subwave lower to complete wave C. SHORT Trade Idea: - Watch for subwave 4 to breakdown and enter with stops above subwave 4 - It's anticipated that we stay below 11.577 so having stops above that level will be fine for a risk entry - Target: 11 (5000pips) LONG Trade Idea: - Once we reach the buy zone, watch for reversal signs such as BOS or trendline break - Enter with stops below the lows once reversal signs appear - Targets: 11.5 (5,500pips), 12 (10,000pips), 12.5 (15,000pips), 12.8 (18,000pips) We do hope you learnt a thing or two from this post. Let us know your thoughts below! Goodluck and as always, trade safe!
by WicktatorFX
3
EURNOK One of the best long-term sellsThe 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 failed to break above the 0.618 Fibonacci. The direct consequence was a Channel Down to the 1W MA200 (orange trend-line) and the -0.382 Fibonacci extension. As a result, we will sell as long as the price is below the 0.618 Fib and target 10.9000, a projected contact with the 1W MA100 (green trend-line). ------------------------------------------------------------------------------- ** 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
2