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Euro / Norwegian Krone

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EURNOK trade ideas

EURNOK - Daily - Still climbingTrade Alert EURNOK continues to move north after its reversal on the 17th of October. A good break above the 9.5675 level could confirm an upcoming higher high. This is where we could start looking at levels that were last tested around mid-September. On the downside, a break below the short-term upside support line and also a drop below the 9.5265 area could invite more bears into the game and we could see the pair sliding towards the other areas of support. Please see the chart for details. Always have your SL in place.
Long
by JFD_Research
EUR/NOK 1H Chart: Bullish momentum prevailsThe Euro has been appreciating against the Norwegian Krone since the the middle of October. This movement has been bounded in an ascending channel. Given that the currency pair is supported by the 55-, 100– and 200-hour SMAs, it is likely that the rate continues to go up within the following trading sessions. Technical indicators for the 4H and 1D time frames also support bullish scenario. A potential target is the resistance cluster formed by a combination of the weekly R2, the monthly R1 and the Fibonacci 50.00% retracement located circa 9.6000. It is the unlikely case that some bearish pressure still prevails in the market, the Euro should not exceed the weekly S2 at 9.4719.
by UnknownUnicorn890690
EUR/NOK 1H Chart: Downside potentialThe Norwegian Krone has been appreciating against the Euro in a short-term descending channel. This movement began on September 7 when the pair reversed from the upper boundary of a long-term descending channel. As apparent on the chart, the currency pair is pressured by the 55– and 100-hour SMAs. Most likely that the pair will continue to go down and will aim for the support level formed by a combination of the weekly S1 and the Fibonacci 100.00% retracement located circa 9.4100. If given support level does not hold, it is likely that the exchange rate will continue to go downside to the weekly S2 at 3.3377.
by UnknownUnicorn890690
EURNOK to rally=> Here we are arguing from the angle that the bearish sentiment on EURO as mentioned in our previous ideas will fade and begin to position into a solid macro narrative. => Qatar has announced an FX swap agreement with Turkey for $15bn this morning, frankly they might as well wave goodbye to this money with Erdogan at the helm. Short-term however this will provide support for EMU based banks. => ECB's Weidmann has begun talking up policy normalisation as expected and on the other side of the coin we have Italy praying for an extension in QE. pascalToday at 10:00 => Concerns over continued pressure on commodity prices is not painting a pretty picture for NOK. Markets have fully priced in the hike coming in September from Norges Bank and we are starting to see smart money taking profits. => We are targeting 9.80 - 9.90 with stops below the recent 9.50 low => Good luck
Long
by ridethepig
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