4H CHART EXPLANATION:
In the short term, we observe a Descending Wedge Pattern being formed by the last downtrend. Now we are waiting for a pullback towards the Confluence Zone between the Top of the Wedge Pattern and the Broken Ascending Trendline, and after that a bounce to continue the downside move. This is the short term vision, the mid and long term are...
Trade idea
This is a quick shout-out for EURNOK. But only on a break of the highlighted area!
After finding good support near the 9.58 zone, the pair rebounded and seems to be trying to make its way back up, to test the downside resistance line.
Please see the chart for levels, targets and the alternative scenario.
Don't forget your stop-loss.
The pair is consolidating on 4H (RSI = 49.952) awaiting for a break out. 1D has followed a perfect symmetry so far on 1D (Inverse Head and Shoulders) and if the 1D MA50 breaks, we expect the price to test the 9.6450 Support.
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Comments...
Panorama Completo de que esperar en el par EurNok, de confirmarnos el cambio de estructura al romper el ultimo minimo, se viene una cambio de tendencia con un TP 1 de +7400pips
Trade idea
EURNOK is now stuck between the levels (highlighted), so we have to wait until the pair breaks through one of them, before we could examine a further directional move. Of course, currently, the most likely scenario seems to be a more negative one, but until that key support at 0.6475 is broken, we cannot aim for further declines.
Please see the chart...
Entry : Bottom of the trendline
TP : Top of the channel, could potentially hold and see if it breaks,in which case take your profits on a 1D wick backwards/a clear sign of reversal (RSI,BB, previous resistances)
SL : 0.20%
The Euro vs. the Norwegian Krone. Changes in oil prices and interest rates are correlated to the value of the Norwegian Krone when compared to other currencies. In other words, rising oil prices and interest rates brings Krone strength relative to other currencies and vice versa.
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