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NORWEGIAN KRONE / EURO

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NOKEUR trade ideas

EUR/NOK 1H Chart: Bullish momentum prevailsThe Euro has been appreciating against the Norwegian Krone since the the middle of October. This movement has been bounded in an ascending channel. Given that the currency pair is supported by the 55-, 100– and 200-hour SMAs, it is likely that the rate continues to go up within the following trading sessions. Technical indicators for the 4H and 1D time frames also support bullish scenario. A potential target is the resistance cluster formed by a combination of the weekly R2, the monthly R1 and the Fibonacci 50.00% retracement located circa 9.6000. It is the unlikely case that some bearish pressure still prevails in the market, the Euro should not exceed the weekly S2 at 9.4719.
by UnknownUnicorn890690
EUR/NOK 1H Chart: Downside potentialThe Norwegian Krone has been appreciating against the Euro in a short-term descending channel. This movement began on September 7 when the pair reversed from the upper boundary of a long-term descending channel. As apparent on the chart, the currency pair is pressured by the 55– and 100-hour SMAs. Most likely that the pair will continue to go down and will aim for the support level formed by a combination of the weekly S1 and the Fibonacci 100.00% retracement located circa 9.4100. If given support level does not hold, it is likely that the exchange rate will continue to go downside to the weekly S2 at 3.3377.
by UnknownUnicorn890690
EURNOK to rally=> Here we are arguing from the angle that the bearish sentiment on EURO as mentioned in our previous ideas will fade and begin to position into a solid macro narrative. => Qatar has announced an FX swap agreement with Turkey for $15bn this morning, frankly they might as well wave goodbye to this money with Erdogan at the helm. Short-term however this will provide support for EMU based banks. => ECB's Weidmann has begun talking up policy normalisation as expected and on the other side of the coin we have Italy praying for an extension in QE. pascalToday at 10:00 => Concerns over continued pressure on commodity prices is not painting a pretty picture for NOK. Markets have fully priced in the hike coming in September from Norges Bank and we are starting to see smart money taking profits. => We are targeting 9.80 - 9.90 with stops below the recent 9.50 low => Good luck
Long
by ridethepig
2
EUR/NOK 1H Chart: Pair shows signs of reversalThe most recent development of the EUR/NOK exchange rate is a breakout from the senior channel which occurred near 9.59 on August 16. This move has extended the pair’s three-day gain to 1.65%. As a result, the Euro reached the upper boundary of a ten-week ascending channel at 9.68. Even though the price still continues to edge higher today, technical indicators are starting to point to a possible change in sentiment. It is likely that a reversal south occurs soon, as the current three-day surge cannot be sustainable for long. It is likely that the pair makes a U-turn near the channel line and the 23.60% Fibonacci retracement somewhere in the 9.70 area. A possible downside target for the following sessions is the 55– and 100-period (4H) SMAs and the monthly PP at 9.50.
Short
by UnknownUnicorn890690