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,...
Today Norges Bank announced it will buy NOK 250mn/day in October, first time since 2000. When it comes to EURNOK, if the pair manages to break and close below earlier support level around 8.14-8.1350, we should in near future see a new retest of the lows around 8.10. The next level is 8.00. On the upside we have now establised great resistance at 8.20 and 8.30
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!
As PA completed the bearish cypher a daily bullish wick to 8.531 - 8.424 crushed the nerves and perhaps triggered the most stops! What is significant is that PA stayed in both descending and ascending channels hitting T1 @8.3578. Expect to reach medians.
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...