EURNOK trade ideas
EURNOK 4HWe've got a break of an ascending trend line. We've got a head and shoulders pattern. I'd wait for a confirmed break and retest of the H&S pattern/horizontal line before entering a sell.
EURNOK BullishEURNOK looking very bullish here, had a massive push up and now falling and found support on the 61.8. On smaller timeframes also had another small push up and found support on that 61.8 fib again. I think a retest of at least 50 or 38 fib levels as marked.
EURNOK suffers the worst sell-off in a few decadesEURNOK Forex cross pair (Euro versus Norwegian Krone) has broken all time high again after months. A previous monthly demand imbalance gained control last June 2018 and this cross pair has been rallying ever since.
Why has Norway’s Krone suffered the worst drop in half a century? Well, by doing supply and demand analysis on the monthly timeframe we can see that EURNOK forex cross pair was in a clear uptrend on. There is no reason to go short, only longs are possible by following the big picture monthly uptrend. We can see in the attachment a very strong monthly impulse around 10.35 at (1) that could eventually become an imbalance if price continues like that.
We don’t need to pay attention to Forex fundamental analysis if we are trading a supply and demand imbalances strategy and trading with the bigger picture trend. It’s taken for granted that if you trade the very small timeframes, fundamental analysis and news events will kick you out of the trade.
EURNOK March idea - revized.Area of working during the current situation, between 10.78x and 10.9x. Strong hit after the drop of oil prices but the Oil is still with a window to drop further and it would put more upward pressure on the pair, CPI of Norway came at 0.9% and Producer price index at -9%. EURNOK: No signs to drop below the current historical new ranges, so far.
EURNOK Idea until next seasonability of structural liquidityArea of working until next seasonability of structural liquidity, between ATH of october 2019 and ATH 2014.
Long EURNOKMN uptrend
WK uptrend
1D uptrend
We have long bias, setting a long entry at 1D demand zone nested within a WK demand zone. However, if WK price broke the trendline, to remove order.
