FxWirePro

EUR/NOK bears seem to be back in business after Brexit

FX:EURNOK   Euro Fx/Norwegian Krone
42 1 5
EUR/NOK bears seem to be back in business after banking on Brexit results, shooting star plummets prices, more bearish effects on cards:

After two days of crazily spiked bulls seems to have given up the momentum from the last couple of trading sessions.

On intraday charts, the pair has formed back to back shooting star and hanging man patterns at 9.4498 and 9.4458 levels respectively to evidence more bearish collapse in intraday trend.

Most notably, the current prices have again gone below DMAs

Shooting star occurred at peaks of rallies, (at 9.4443) (see monthly charts).

This bearish pattern with huge volumes which means weakness could be measured at this juncture.

While at the same juncture RSI touched overbought region and began converging to the price declines.

Stochastic has been indecisive at this stage but with slightly bearish favour.

Same is the case with MACD which is quite indecisive but shows a little weakness to prevail further.

Monthly prices are hanging 7EMA, any push below would take it to 9.15 levels for sure.
plok
5 months ago
Not many EUR/NOK analysis over here at TradingView so thanks for this! It's the only pair I'm involved in so your posting is much appreciated.
I tasted a bearish undertone already before, but also since Friday's spike and didn't dare to go long. Glad to see this confirmed.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out