Price broke out of the ABC correction counter trend line which is also the neckline of a double bottom pattern.
Price has the potential to move towards the resistance level after it broken out of the correction with an impulsive wave 1-5 and retested the broken structure with an ABC zigzag pattern.
Considering that the price has broken out if the ABC zigzag...
USDNOK Long . On W1 create Long Term Flag pattern and chanel. on D1 Market Reaction on chanel . i Serch Trades on H1 (long) Magnet zone 1 is First Rezistent Zone And Magnet Zone 2 Is R2 Zone . If Break R1 , Go To R2 and letsgo create doble bottom :)
On the day time frame this paire have formed a head and shoulders pattern,
Impulsive move will confirme the breakout from the Zig-Zag pattern and the rally to the upside, targeting 1.618 fib-ext,
Trade with care,
It is one of the best looking shorts with perfect upper rejection market failing to move higher.
I see lot of bearish people coming in and it seems like this is the max limit for any upside i am expecting way move down towards 8.266 levels decide your way.
Trade with care Muze(usd/nok).
As this pair looks like its going to complete a "Special Cycle" this multiple TF confirmed divergence could bring us to 8.28 before continuing its downwards path.
Wait for a bullish candle pattern to long.
Wait for price to touch the 8.28 draw a bottom TL and sell the break of the TL aiming 8.07