In the daily time frame. EURNOK formed a Wolfe Wave. I am a bit late on this one but it is till a nice setup to enter a short and exit at the 1-4 line.
Buying on the bottom of the range near a support area, betting on the price bouncing back to the reversal zone
Possible head and shoulders forming but also a topping pattern of lower highs and doji candles.
we are seeing a topping pattern that continues to get tested. Best way to play it is to bet on past patterns repeating itself until the inevitable breakout.
EURNOK short @ 9.4880 @ TP @ 9.1066; SL @ 9.5547
EURO Pushing higher slowly but it'll get there
Bat Pattern on the EUR/NOK with D at 8.71323 Entry @ 8.71400 Targets @ 8.60078, just above Support/Resistance (look left @ ~8.580) and is a 38.2. Stops @ 8.78700, just above the X point Fully welcome any ideas to prove me wrong/other view points
With Oil price consolidating a bit Norwegian Krona stopped falling. Since NOK is heavily exposed to Oil, any bullish Oil PA will push the NOK up. $Statoil being the Norwegian largest oil company has a share of over 22% in the Norway stock index OBX. OBX is declining, Statoil shares shows a little recovery, so being long on NOK makes sense from the fundamental standpoint.
EURNOK has a possible HS-formation. Only a break and close below 8.40 will confirm this possible trade-idea. Resistance is around 8.50. Objective pricetarget if we get a break of 8.40 will be 8.15, while a stop loss should be executed if we close above 8.50. Furthermore, we are currently testing the positive trend since last bottom at 8.10 (4H chart). Will be...
The NOK has depreciated rapidly in the past week on the back of weaker data and falling oil prices. The market is now pricing in a roughly 50/50 chance of Norges Bank cutting its policy rate at the December meeting. All things are possible, but this seems over the top. The NOK is much weaker than Norges Bank assumed in September and banks have cut their...
Since July this year, the trend in EURNOK has been on the downside with lower highs and lower lows. However, the pair has managed to bounce off 8.10 level each time and is now testing short term horizontal resistance around 8.20. If break and close above this resistance (8.20), we might see 8.24/8.25 level, before recent peak just above 8.30/8.32. Furthermore,...
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). Time will show!
Looking this pair with comparison of USDNOK. USD is at resistance against NOK , EUR is at resistance against USD and against NOK as well, So short EURNOK could be highly fruitful with handsome risk reward ratio. www.sz-ventures.com
I stumbled upon EURNOK over some chance discussions with some members here couple of weeks ago. I took on a short position back then and ever since I kept adding to my positions. This pair also gives +ve rollovers for shorts. This is the weekly chart, which validates the short positions. A descending triangle and RSI divergence on the weekly charts. I don't...