olly_price
Short

USDNOK potential bearish cypher pattern

FX_IDC:USDNOK   U.S. DOLLAR / NORWEGIAN KRONE
Will be looking to enter a short position at 8.84658 if the cypher pattern holds up.

Stop loss is based on previous structure as indicated by the red line.

Take profit is based on Fibonacci levels.

Unfortunately the risk/reward isn't the best I've ever seen, but I will still be looking to take this trade.

Fundamentals
Aren't any particularly exciting fundamentals to support this cypher pattern , although based on the current consolidation of crude oil             (Norway's economy depends strongly on oil             exports) as well as uncertainty in the US economy, an up and down move is definitely not unreasonable.
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