NOKEUR trade ideas
EURNOK Norse resistanceEURNOK might not be the most popular pair, but it sure is graphical. Look at this 4TAP formation. You can be sure if that breaks, it will fall like a stone. If not, it might bounce up to a nice long which will eventually find support resistance again at 55MA, if it breaks that we look at resistance at 200MA. Really looking forward to see what eurnok does over the next week.
EURNOK LongEURNOK has hit a resistance level at around 8.929 and I would look for a rebound upwards. There is also a wedge forming which further emphasises the long recommendation.
We can also see an uptrend on CCI and RSI was close to being oversold before it showed some momentum upwards.
I would look for a return to the diagonal trendline as a first target, and a return to around 9.12 as a second target.
TRIANGLE PATTERNWait for breakout from triangle and enter the trade wit target as on chart.
My favourite call is to south as continuation move,
Pattern might need to be redraw as unfolds.
EURNOKThis is a really great time to long the EURNOK. Based upon R&R alone we have a chance in this support zone to play the overthrow on the bottom TL, or play the range back up from support. Either way the risk is very small here so well worth the risk. Stop below the support zone to play it safe. The target on this will only be my first target i think if the top TL breaks we can go much higher. But will wait and see over time.
Sell signal in the rangeAll important signals marked with ellipses.
Please note EURNOK is still trading in a range. For a major trend start it has to break 8,94.
Anyway, the bias is short now.
Eurnok Short At Major SupportANALYSIS AND RESEARCH:
We can say that it is moving in clear consolidation zone and for most traders this area is more interesting for trend reversal trades and it acts like the same so in our opinion if it drops more and breaks below lower trend Line then we can expect it to drop more towards the flag possibly.
Eur on overall basis acts as weak pair so keep an eye on that as well.
Extra News Related to this Pair:
According to zukumati sarkoshi our cheif analyst saying that if it drops below the lower major support it is armageddon for eur/nok pair let us see which way it will fall.
EURNOK - UPTREND FORMING(?)This post is a bit hypothetical and completely out of character for me, because I usually trade after I've received complete and total indication that moves are going to play out in my favor, but I've seen this pattern play out so many times that it seems silly not to at least make you guys aware of a possible way this pair could develop. I see an uptrend forming here, considering the strong RSI, as well as the recent bounce off of the support. Keep an eye on this one, and get in if you feel comfortable.
EURNOK Resistance + very bearish price actionTook a position two days ago on 9.08 due to bearish price action and resistance on 100day average + 0.382 fib. Got some very bearish candles these last two days confirming the bearish bias with first TP on 8.93 area.
Also hoping for a break of the rectangle and a continuation of the downward channel/trend.
Can it be a major short for 2017?Well, the year has just started, but Norway Manufacturing PMI and its breakdown published this morning was very positive. --> Please see my today Twitter post
Technically the pair is in consolidation, but very close to a major breakdown and strategic sell signal.
Weekly:
- Ichimoku has bearish bias (until price holds below Kijun Sen). Weekly support is 9,21+
- Heikin-Ashi may give a sell signal this week -> pls see how haDelta and haOscillator are rolling over.
- EWO and MACD both bearish, but also both shows consolidation phase
- Should price break the lower bound of the consolidation range (8,95), that would also mean a break of the 4 years long bullish trendline!
Daily:
- Ichimoku picture is neutral, Price is at Kumo supp/res. This Kumo cloud ahead. Lower key is Kijun Sen at 9,0225. A break below would accelerate selling.
- Heikin-Ashi signal is bearish-like, with red, but still small candle bodies and haDelta/SMA3 below zero, but not yet confirmed.
