After the sharp drop last week, the retracement/pullback has been rather weak in EURNOK. After todays run-up, we have now retraced only 23.6%. Furthermore, we have a possible bear-flag under development in 4H timechart. If we break this flag, we should see 8.10 as a possible stop before heading even lower end of 2014 (maybe below 8.00).
Good morning, we have to respect the underlying strenght on this pair as it closed above recent highs and 23.6% retracement. Market is the market and this time we were wrong and have to respect that. We will come back with another trade idea when we see a better setup. Have a lovely weekend!
ACROFX
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We all add more into our positions if we see a break and close below 8.14 on 4H timeframe chart. With a new yearly low for EUR against USD today, we believe the fundementals in Norway versus Europe should support a stronger NOK against EUR.
Have a lovely day!
CoinedByCrypto
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Yep! Looks like classic bear flag forming with the bounce of only 23,6. Nice find !
Safe trading
@BLawrenceM