EURNOK D1 shortEURNOK was in a huge uptrend but the trend reversed a few days ago. The price might fall even further if it crosses the support level. Otherwise it might continue the uptrend.
EURNOK trade ideas
EUR/NOK 1H Chart: Channel DownThe European common currency is trading in a narrow channel down against the Norwegian Krone. The given pattern was formed after the rate failed to reach the upper boundary of a rising wedge. Nevertheless, the price has altered its direction, as apparent from its failure to reach the upper channel boundary. The rate plunged mid-session, but was supported by the monthly S2 at 9.3007. Thus, the upcoming hours should indicate about its future direction. Technical indicators are generally bearish, suggesting that a breakout is likely to occur to the downside. This scenario may realise in case the aforementioned S1 is breached. The nearest resistance is formed by the weekly S1 at 9.3329, while the 55-hour SMA circa 9.3800 might be considered a more significant upside barrier.
EURNOK : is trendline can hold it?it is the nice setup if you want to sell.
But wait the price to consolidate and breakout support for sure is better.
EUR/NOK in wave 2 FX_IDC:EURNOK
1- Currently in wave 2 of 1 of C or 3.
2- Wave 2 found resistance at 78% Fib retracement.
3- Bearish Candlestick.
4- Stochastic OB
Sell at current market price
Picking up LongtrendAgain we try to pick up a long trend with a great Risk Reward Ratio!
We also have a conclusion with the S1 Pivot Point level with a Jack-Hammer Candlestick Pattern confirmation on H1
Could NOK be outperforming EURO soon?EURNOK is currently in a topping pattern; RSI is showing divergence. Short would aim at the bottom of the pattern first.
EURNOK: Techno-Fundamental TradeA very interesting pair to short based on a fundamental story and a technical set-up.
The fundamentals favor NOK going forward in terms of growth and yield. NOK is effected by OIL, so this simplistic picture is a bit distorted.
Looking at the chart, a small short just under 61.8% (9.9550) or a watch at 9.5622 for a short, might make a short-term trade, which could snowball into something else.
3 hour:
1 hour:
EURNOK 3 Month Supply Zone in ControllAfter rallying the last 3 consecutive Months, EURO seems to loosing steem right at the top of a Monthly Supply Zone (within a higher 3 Month Supply Zone). Short Bias
EUR/NOK W1Price in control of Monthly Supply zone with good probability to move down and back to opposing Weekly Demand zone.
There is also possibility that price will do one more move up before drop.
EUR/NOK in wave 1 of 3 or CFX:EURNOK
1- Leading diagona completed.
2- Wave 2 find resistance at 78% Fib retracment.
3- Bearish Candlestick pattern on daily/weekly
4- Stochastic Overbought
Sell at current price,
SL: 9.5790
TP: 8.
