Monthly short set up on EURNOKMonthly candle analysis suggests EURNOK may move lower. This together with Brexit turmoil and economic instability in the world will help propel this pair down.
This instrument is now on my watch list for the month of August. I'll be looking for short signals on the daily time frame. Once I get a signal I will attempt to make entry on the 15 minute chart during London.
Trade ideas
"Trade what you see not what you think" Bullish sentiment Validated confluences
1.Daily Trend-line broken
2.Support broken Resistance valid
3.Profit margin 1:5
4.Big buyers near 9.2700
Waiting for retracement to strong support which broke through the resistance if price action meets take profit and there no signs of reversal we hold to 9.4500 which increase the profit margin to 1:11
EUR/NOK 1H Chart: Channel DownThe European common currency is trading in a narrow channel down against the Norwegian Krone. The given pattern was formed after the rate failed to reach the upper boundary of a rising wedge. Nevertheless, the price has altered its direction, as apparent from its failure to reach the upper channel boundary. The rate plunged mid-session, but was supported by the monthly S2 at 9.3007. Thus, the upcoming hours should indicate about its future direction. Technical indicators are generally bearish, suggesting that a breakout is likely to occur to the downside. This scenario may realise in case the aforementioned S1 is breached. The nearest resistance is formed by the weekly S1 at 9.3329, while the 55-hour SMA circa 9.3800 might be considered a more significant upside barrier.
EURNOK: Techno-Fundamental TradeA very interesting pair to short based on a fundamental story and a technical set-up.
The fundamentals favor NOK going forward in terms of growth and yield. NOK is effected by OIL, so this simplistic picture is a bit distorted.
Looking at the chart, a small short just under 61.8% (9.9550) or a watch at 9.5622 for a short, might make a short-term trade, which could snowball into something else.
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