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Euro / Norwegian Krone

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EURNOK trade ideas

EUR/NOK 1H Chart: Bullish in medium termAfter bouncing off the senior channel on January 29, the common European currency began a new up-wave and formed an ascending channel along the way. The rate tested this junior pattern two weeks ago prior to edging lower down to the 6.68 area where it is trading today. A closer look at the pair’s previous movement demonstrates that the Euro has been successful at respecting channels. Thus, it is likely that the aforementioned junior channel is able to constrain the rate next week, as well. A possible target for the following sessions could be the upper boundary of a three-month channel in the 9.76/78 territory. The rate’s subsequent movement is likewise expected northwards in line with the senior channel. On the other hand, if the 55– and 100-hour SMAs near 9.6710 do not hold, the pair might be poised for a fall down to the senior channel circa 9.60/62.
Long
by UnknownUnicorn890690
EUR/NOK 4H Chart: Surge in sight The Euro began weakening against the Norwegian Krone after reaching the upper boundary of a long-term ascending channel located at the nine-year high of 9.9880. The pair reached a one-year up-trend marked with the dotted line late in January and subsequently began surging in a steep upward movement. The pair was testing the 23.60% Fibo retracement (low and high at 8.7883 and 9.9949, respectively) and the 200-period SMA circa 9.70 today. The current positioning of the pair suggests that the Euro might be due for a slight decline down to the 55– and 100-period SMAs and the trend-line during the following trading sessions prior to breaching the upper boundary of the aforementioned resistance area and accelerating towards the 9.90 mark.
Long
by UnknownUnicorn890690
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.
Long
by UnknownUnicorn890690
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.
by UnknownUnicorn890690