EuroNOKkeep your eyes with the triangle; and if the price broke the triangle wait for correction to follow the trend
NOKEUR trade ideas
BUY EURNOKContinuation pattern for uptrend, Head and Shoulders formation, 50Days Ema signaling uptrend, good opportunity to buy.
EUR/NOK 1H Chart: Bounded in bearish patternsThe movement of EUR/NOK has been bounded in several patterns. Following a two-week period of appreciation, the pair bounced off the upper boundary of the senior channel and the 38.20% Fibonacci retracement at 9.70 and formed a new wave downwards. This movement has been relatively flat, as the Euro has since remained trading near the senior channel.
By mid-today, the pair was testing the combined support of the 55– and 100-hour SMAs and the 50.0% Fibo line at 9.61. The current positioning of the pair suggests that it should decline both in the short and medium term. The nearest target is the bottom boundary of the junior channel and the 61.8% Fibo at 9.52, while a downward-sloping trend-line circa 9.42 could be targeted within the following two weeks. The 9.60 area still needs to be breached to confirm this scenario.
Conversely, a breakout of the weekly PP and the 200-hour SMA at 9.63 is likely to result in a re-test of the senior channel circa 9.68.
EURNOK BREAKOUT PULLBACK LONGGoing long, .618 retracement on weekly, .618 retracement on daily, breakout pullback.
NOK'D DOWNCurrent levels of EUR/NOK could offer interesting selling opportunities.
NOK should outperform EUR in the coming weeks and months on the back of growing policy divergence between the Norges Bank’s policy outlook and the ECB’s, which is reflected in an increasingly negative 2Y EUR-NOK rate spread. The divergence could intensify as both banks start to cautiously normalise their policies. Investors may continue to see NOK as a higher beta proxy for the EUR, as NOK tends to outperform when the EUR is supported. EUR/NOK could see 9.40 by the middle of the year. However, depending on incoming data, an undershoot cannot be excluded.
Credit to Credit Agricole Investment Bank
EURNOK SHORTEURNOK, GBPNOK, EURSEK and GBPSEK... tend to move in the same direction (USDNOK and USDSEK can also be grouped in the same category), an analysis on each on where best to make the entry is necessary. But they are generally good movers and with high pip value. The spread can be high though and SL should be placed far much further out.
Buy some EURNOK- Price is in neutral territory. Below Kijun and slightly below Kumo, but could not deliver a decisive bearish break.
- Bullish trendline holds
- Heikin-Ashi signals indecision and drop of minor bearish momentum, haDelta+ and haOscillator show some positive divergence compared to lower low in price.
- Key levels: 9,66 and 9,7020
We opened small long this morning. In case it breaks above 9,7020, we will size up the position.
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.
EURNOK support and resistance 1DEURNOK support and resistance 1D. I set tp1, but it should go futher.
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.
Eur/Noki BuyI got back in this considering how it consolidated and basically made a flag for a buy. The level we want to see it break is that green line right above it. Probably at least a scalp to 9.600, possibly much more, I would look for it to break trend line and at least form a rectangular channel. My TP 1 is 9.61279, TP 2 9.6949
EUR/NOKI Bullish AB=CD patternAlso breaking out of diagonal at equal length in structure. Strong downtrend, very oversold. Just produced a small buy setup on 1 hr but still no TRUE confirmation. Daily bollinger bands curling up hard. Might look for possibly larger corrective structure possibly turning this diagonal into a pitchfork, or look to test the low of first wick in diagonal...
EURNOKEUR should be fairly strong in the coming weeks and we are currently at two support lines so I'm buying into the current retracement.
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.
