EUR/NOK can the trend hold? Commentary
EUR/NOK multi-week higher tops and higher bottoms on price indicate a dow pattern uptrend; provided price can hold above the 10.9 key support the potential for a continuation of the prevailing uptrend remains for a move towards 11.05 in the short term (5-13 days), otherwise if price fails to hold above the 10.9 key support then scope for a price correction lower can not be ruled out.
Not investment advice. Past performance is not indicative of future results.
Trade ideas
EURNOK - To valhalla!First things first: all hail the vikings!
Why I like this trade:
- NOK with the MUCH better fundamentals
- NOK clearly undervalued on a longterm timeframe
- Norges Bank quite dovish in their last meeting but could get hawkish again in march as
-> inflation has massively surprised to the upside
- inflation expectations on thursday will be key for NB
- NB could reduce NOK selling
- oil and nat gas with upward potential
- EUR optimism is overpriced
Short EURNOK - the vikings will win!First things first: all hail valhalla!
Why I like this trade:
- NOK with the MUCH better fundamentals
- NOK clearly undervalued on a longterm timeframe
- Norges Bank quite dovish in their last meeting but could get hawkish again in march as
-> inflation has massively surprised to the upside
- inflation expectations on thursday will be key for NB
- NB could reduce NOK selling
- oil and nat gas with upward potential
- EUR optimism is overpriced
EURNOK short the double top EURNOK has formed a nice double top close to the 38.2% fib. Unfortunately I missed the entry to go short, I will try to get into the trade once price retraces to the upside. The target of the short would be another touch of the bottom trendline. We also have a slight bearish convergence on MACD.






















