SHORT VISION ON EUR/NOK FULLY EXPLAINED4H CHART EXPLANATION:
In the short term, we observe a Descending Wedge Pattern being formed by the last downtrend. Now we are waiting for a pullback towards the Confluence Zone between the Top of the Wedge Pattern and the Broken Ascending Trendline, and after that a bounce to continue the downside move. This is the short term vision, the mid and long term are explained below on the Daily and Weekly Timeframes.
MULTI TIMEFRAME VISION:
-Daily:
-Weekly:
EURNOK trade ideas
EURNOK - 240 - Short-term ideaTrade idea
This is a quick shout-out for EURNOK. But only on a break of the highlighted area!
After finding good support near the 9.58 zone, the pair rebounded and seems to be trying to make its way back up, to test the downside resistance line.
Please see the chart for levels, targets and the alternative scenario.
Don't forget your stop-loss.
EURNOK - 240 - Wait until it gets outTrade idea
EURNOK is now stuck between the levels (highlighted), so we have to wait until the pair breaks through one of them, before we could examine a further directional move. Of course, currently, the most likely scenario seems to be a more negative one, but until that key support at 0.6475 is broken, we cannot aim for further declines.
Please see the chart for levels and targets.
Don't forget your stop-loss.
EURNOK: Possible bearish move.The pair is consolidating on 4H (RSI = 49.952) awaiting for a break out. 1D has followed a perfect symmetry so far on 1D (Inverse Head and Shoulders) and if the 1D MA50 breaks, we expect the price to test the 9.6450 Support.
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EURNOK: TOP DOWN ANALYSIS SWINGEURNOK SWING SHORT
- Weekly (Bearish) : Multiple indecision candles with a bearish rejection
- Daily (Bearish) : Bearish candles overpowering bulls
- 4hr (Entry) : Head and shoulder with trendline break. Tweezer tops off new down trendline & 50 MA
EP: 9.74527
SL: 9.80945
TP1: 9.68129
TP2: 9.64723
www.pipkingsfx.com
Where is the momentum?While the general setup still has somehow bullish bias, it seems EURNOK is struggling to re-gain a real momentum to the upside. My indicators seem to be topish.
There is also a weak bearish Tenkan/Kijun cross.
Please note how close the 6 years bullish trendline is.
Price is also below weekly Kijun.
Key supports: 9,7150 / 9,63 (+/-)
We open some small short with 9,8425 initial stop. Size up only if price proves and breaks below the key levels.