EURNOK
EUR/NOK 1H Chart: Pair likely to breach triangle soonFollowing a southern breakout of a three-month ascending channel, the Euro started to weaken against the Norwegian Krone, thus resulting in a formation of an opposing channel. This pattern was likewise breached on Friday, thus leaving the rate in a symmetrical triangle—a pattern that has already reached its maturity.
Currently, the pair is stranded between the 200-hour SMA from above and the 55– and 100-hour SMAs and the weekly PP from below. Given the strength of the southern barrier, it is more likely that the former is breached. In order to confirm a surge, the pair should also breach the monthly S1 and the weekly R1 circa 9.7050. A possible upside target in this scenario could be the monthly PP circa 9.85.
On the other hand, the 9.56 area should limit further losses in case bears take the upper hand.
Target in aim EUR start to lose power and the cross want to go directly on the target delimited by the two supports in chart
A long term market pressure of - 11.7 confirm the downtrend
This analysis is based on market pressure.
On my twitter profile twitter.com you can find everyday the market pressure value for all crosses.
Have a nice trading !
EURNOK longIdea: Possible support and return long.
DISCLAIMER:
This is where I practice ideas and work on my trading techniques. Please note I am only providing my own trading information for insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal. Trade at your own risk.
Update idea
EUR/NOK 1H Chart: Euro points to weaknessThe common European currency has been appreciating against the Norwegian Krone in an ascending since late September. This pattern has guided the pair up to the 9.9156 mark—its highest level during the past several years.
Apart from this channel, the pair is likewise trading in a junior one valid since November 21. Its slope is relatively steep; however, as apparent on the chart, the Euro has failed to initiate a solid wave up.
This suggests that a change in the bullish sentiment might occur soon. This assumption is likewise supported by technical indicators.
In terms of support, the pair might hinder near the 9.75 area near where the monthly PP, the 200-hour SMA and the weekly S1 are located.
EURNOK shortTwo target prices (blue lines), first is on bullish trendline, on which we must see to add more short or wait for another retest of highs.
If first support fails, we could see further weakness in EUR, before correction and retesting of now broken bullish trendline, on which I plan to add more shorts.
EUR/NOK 1H Chart: Pair tests triangleThe common European currency is trading against the Norwegian Krone in a channel up valid since mid-July. The latest test of its upper line occurred on October 31.
Along the way, the rate entered another patter—a descending triangle. The general characteristics of this pair suggest that the rate should break out to the upside.
The rate hindering near the upper triangle boundary might serve as an early indication of such a move. This scenario would set the Euro towards the upper boundary of a junior channel circa 9.56.
However, the rate has been stranded between the 55– and 200-hour SMAs for two sessions. A breach of one of these lines is likely to set the tone for the subsequent movement. In case the 200-hour SMA is breached, the aforementioned scenario should occur.
Conversely, a breach of the former should guide the pair towards the 9.43 mark in the short-term and possibly even lower.
EUR/NOK 1H Chart: Euro tests three-month highThe common European currency is trading in two ascending channels against the Norwegian Krone. The senior pattern formed around mid-August and has since stranded the rate in a slight upward momentum. The junior one, on the other hand, has been valid for two weeks, having provided two confirmations on each side.
Following a surge mid-Wednesday, the Euro is consequently trading with low volatility along the upper boundary of the senior channel circa 9.48. This level that is likewise a three-month high is supported by the monthly R1.
Given that the rate has shown reluctance to move past the given area, the pair might respect the boundaries of the senior pattern and move lower. However, the steepness of the junior channel suggests that this decline might actually be sideways until 9.42 is reached.
In case the pair reverses near this mark, it is likely that the Euro breaches the senior channel and surges up to 9.56 where the monthly R2 is located.
EURNOK multiple short entries Will use fib levels to judge exit and also the 4hr trend line could be a place for buyers to get in
EUR/NOK 1H Chart: TriangleThe EUR/NOK currency pair has been stranded in an ascending channel in force since mid-July. The latest confirmation was provided in this session when the price halted near the 9.33 mark for the second time in two days.
Being a bullish pattern, this ascending channel should guide the pair for an upside breakout that may occur next week. However, the latest two peaks have failed to reach the upper channel boundary, thus suggesting that bulls might have lost their strength.
Thus, the 9.36 area should be observed carefully. In case the rate does not surpass the short-term down-trend, a bearish breakout is the most likely option.
EURNOK Daily Price-Action Positive for LongsDisclosure: 2 x RM Long Positions. Prices not revealed to Public.
I like long EURNOK and am putting my money where my mouse is.
What I see:
(1) Break-Out above Upper-Bound of Falling Weekly Channel.
(2) Successful Back-Test & Continuation of (1) @ 9.22 level and 50% Fib Retracement of (1).
Why I like the Trade:
(A) Price Action: Strong Daily bounce at (2); Technical levels held; Reversal & Momentum challenging resistance levels.
(B) Behaviour: Bulls encouraged by follow-through; new shorts pressured to cover.
(C) Risk Management: 50% of position treated as short-term scalp; can easily adjust the capital exposure <> initial outlay.
(D) Trade Selection: Trend-following; Back-Test; Continuation-Confirmation all align with my process.
EUR/NOK 1H Chart: Channel DownThe European common currency is trading in a channel down against the Norwegian Krone. The given pattern is a relatively narrow short-term formation that can be considered as a part of an intermediate ascending channel.
The rate reached the lower channel boundary of both patterns mid-session and therefore is expected to dash above the 9.32 mark to initiate a new wave upwards in line with the senior formation. Trend indicators demonstrate weakening of the down-trend, while other technicals support an upward breakout.
This movement should be confirmed when the pair surpasses the 55-hour SMA circa 9.33 or the 23.6% Fibonacci retracement at 9.3380. In case the rate still manages to trade lower before the predicted reversal, it might be halted by the weekly S2 located near the four-month low at 9.25.
EUR will fallThe market pressure say that this cross will breakout and get lower prices.
For a complete list of market pressure visit my twitter profile
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.
EURNOK : is trendline can hold it?it is the nice setup if you want to sell.
But wait the price to consolidate and breakout support for sure is better.
Could NOK be outperforming EURO soon?EURNOK is currently in a topping pattern; RSI is showing divergence. Short would aim at the bottom of the pattern first.
