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Euro / Norwegian Krone

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EURNOK trade ideas

#EURNOK and #UKBRENT #UKOIL CorrelationWhen we look at correlations in charting, we sometimes see certain #FX pairs are correlated to a #commodity or #index, in this instance I am giving you an example of #EURNOK vs #UKOIL #BRENT. These charts can help you make distinctions in the trend of the commodity, so when we see a #bullish EURNOK, you want to be looking a trades that are bearish Brent/UKOil, again this is not tick for tick, so, you will use confirmation like trendlines, underlying fundamentals etc. But you can clearly see the correlations. I suggest you try this with other markets, like #USDNOK #WTI #USDJPY #NIKKEI #SPX #10YR
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by B15H
1
EURNOK - 240 - Ranging...for now...Trade Alert EURNOK continues to range between 9.6940 and 9.7700 levels. FOr now, we will stay put, but keep on monitoring key levels, in order to spot a possible breakout opportunity. A drop below the 9.6940 zone could invite more bears to the table,which could open the path towards the next potential area of support near 9.6415, marked by the high of the 16th of November. On the other hand, a break above 9.7510 might lead a bit more upside, at least towards the 9.7700 barrier, a break of which may get more buyers excited, as it would increase the possibility of seeing the pair moving towards the 9.8050 resistance area, marked by the high of the 7th of September. Don't forget your SL. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with the Company.
by JFD_Research
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