Quite a solid symmetrical triangle forming here and getting very close to the apex. Profit targets based on previous structure. (Zoom out to see lower target structure.) Trade a close outside the triangle.
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
Wait for a candlestick formation on H1 as a confirmation. Trend trading.
We have a negative divergence between RSI and price, as price has gone up, we have a lower high RSI. This should support that recent move is a bit extended. Furthermore, we have also reached .0764 FIB from 2014 highs, which also supports a break and a pause in the current uptrend. In that matter, we do find a counter-short position from current level should...
Entry at 8.79740 Stops at 8.68330, below X and previous Low Target at 8.92970, 38.2 of AD Invalid from 9.04013
Well tomorrow I'm expecting a Rate Cut by Bank of Norway on their interest rate and expecting a negative impact on EUR/NOK. So, Shorting this baby around: Entry level 8.6862 Tp 8.3000, Sl: 8.9500
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
We see that EUR/NOK is on a downtrend on the 4H chart. The price has just bounced of the Cloud and the Kiju-sen also the Chikou Span is just below price which confirms the downtrend. Entry: 8.620@ Stop: 8.65954 Target: 8.54344
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.