USDNOK – bearish continuation …31 May, 2021

FX:USDNOK   U.S. Dollar/Norwegian Krone
There is a history of ranging before breaking down in this pair. See how it was ranging between 8.6450 and 8.3800 for several weeks before it broke below. Now we have something similar and despite multiple attempts during the past 6 weeks, this pair has been unable to close above 8.3800. This pair has clearly been on a strong bearish trend since Nov. and I don’t have any reason to think that this will change any time soon.

I am looking to find an entry at/close to 8.3800 with my stop above the recent high. My target will be above the next s/r level located at 8.1800. If this plays out the way I am anticipating, this could be a nice +2.50R opportunity.
As always, watching the price action on a lower time frame before committing to a trade is advisable.

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Comment: Very good progress in about 24 hours,
Comment: About halfway to target, hopefully this will close in profit soon.