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Euro / Norwegian Krone

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EURNOK trade ideas

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
Alright, EURNOK 2nd Time Around Bearish Bat ShortMy last EURNOK didn't go quite well, but thats okay, win some lose some. Anyways, I am going to strike this pair again. Going for a 26.18 and a Bearish Bat pattern at the same time forming. The 2.618 trade is a great pattern invented by Jason Stapleton, kinda high risk pattern but is great as its always going to have a greater than 1:1 risk reward.. I am paring this 2.618 pattern with a bearish bat, together, will give me less risk more reward. Lets see, price needs to bounce just a bit higher for me to get in.
Short
by JackDale