EURNOK - 240 - Breaking the the upside support lineTrade Alert
EURNOK has broken the medium-term upside support line, drawn from the low of October last year, and is now also testing the key support area, near the 9.7332. Such a setup favors the bears more than the bulls, which means we might see a follow through to the downside. For now, we will target slightly lower levels, as the euro is currently feeling a bit on the weak side.
That said, given the proximity of the rate to the upside support line, we will still keep in mind the possibility for a strong reversal back above the upside support line. And if that happens, we might abandon the above-mentioned bullish scenario.
Please see the chart for details.
Don't forget your SL.
EURNOK trade ideas
EURNOK crossroad setup - breakout or fake outThe EURNOK has completed a Donchian shift from the lower to the upper channel.
The price is breaking out of the 9.81 resistance as well as of typing this. HOWEVER, the breakout will only be confirmed with a successful close outside of the level.
The 150 SMA is waiting for the price just a few points higher.
If the breakout succeeds and if the price can stick to the outer Donchian channel, we might see the origin of a new trend emerging.
Still a while to go for the potential breakout and if the price turns around, we might face a range bound market for a while. The EUR is not particularly strong as of now either.
EURNOK - H4 SHORT SETUP - TTS-IIEntered SHORT on on EURNOK after the break and confirmed retest of the support turned resistance at 9.70000.
Monday gap has broken the 20 SMA as well as the range support and waited for the confirmed retest of the previous support (now resistance) before entering SHORT.
TP is at 9.40000 (365 pips) which is the first logical level of structure while SL just above (or barely above) the trigger candle (180 pips), giving a potential risk reward of 1:2.