EURNOK 1:1 High probability TC setupInsight:
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- Below TC red line
- Below Vwap
- Above expectation Norway CPI
- Weak EUR into U.S. CPI release
EURNOK trade ideas
EURNOK about to complete Motive Wave Looks like the EW motive wave will soon create a triple top, which will give as a nice opportunity to short this pair. So far it has been trading perfectly withing the trend channel.
The Blue box is the final target to the upside, before it begins it's way down into the red box.
EURNOK hitting resistance.EURNOK looks like it has a good setup for a short after a bearish engulfing candle has shown up on the weekly chart. It could be a very good Swing/Position trade. Be careful of swaps and spread on this exotic pair. Better enter the trade during the EU session.
Fundamentals are neutral. Euro currently a bit up from ECB turning hawkish but NOK is supported by high oil prices.
EURO Strength on ECB Rate Hike Bets The EURO is set to potentially strengthen as investors start pricing in four interest rate hikes by the European Central Bank over the next 9 months.
Friday's Inflation data will be closely watched by the markets, as any beat above forecasts will put pressure on the European central bank to react.
If ECB policy makers start coming out and hinting Rate Hikes are coming, expect the EURO to strengthen.
EUR/JPY would be the most optimal trade on the divergence of monetary policy.