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Euro / Norwegian Krone

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EURNOK trade ideas

I get NOKed down.. but I get up again...You're never gonna keep me down, I get NOKed down, but I get up again, You're never gonna keep me down! Now that you all hopefully have the song stuck as much into your head as I have ;) we can go straight to the facts: It is true that over the past two years, the Norwegian krone has all too often been one of the big losers in the FX market. Not only has it embarrassingly been constantly beaten up against the EUR and traded at an all-time low, but it has even brought up the rear of ALL G10 currencies since November 2022. This was hardly surprising as almost all fundamental factors spoke against the NOK. However, the tide will turn dramatically in 2024, especially in the EURNOK: NOK positive: ➡️ Energy prices appear to have bottomed out and could rise again. ➡️ The oil price appears to be stabilising at the USD 60-70 mark and could rise if necessary in the event of a soft landing ➡️ January and February are seasonally positive for the NOK ➡️ Norges Bank surprised EVERYONE in December by raising interest rates again ➡️ Norges Bank enters 2024 as one of the hawkishest of the G10 central banks ➡️ A further rate hike by Norges Bank in early 2024 cannot be ruled out ➡️ It would raise interest rates while virtually all other central banks would be in rate-cutting mode ➡️ Norges Bank will drastically reduce its NOK purchases from January (as previously announced by me in the NOKSEK Tradeidee) , see here: My CHFNOK Short should also be a sure winner in 2024:
Short
by PrimeTrading
Exploring Cycles and Sine WavesEUR/NOK 4H Chart Analysis: Exploring Cycles and Sine Waves In this EUR/NOK 4-hour chart, we've delved into the fascinating world of market cycles and sine waves to hypothesize future price movements. By closely examining the rhythmic patterns of the market and applying cycle analysis tools, we aim to capture the essence of the currency pair's fluctuations. The chart showcases key sell signals where we hypothesized cycle peaks, complemented by a robust indicator at the bottom which merges cycle theory with classic technical analysis. The color transitions in the oscillator provide additional insight, potentially indicating momentum shifts. Please note that this is a speculative approach based on pattern recognition and cyclical behavior of the market, not a definitive prediction. As always, trade with caution and consider integrating other forms of analysis for a comprehensive strategy.
Short
by aaronkaltman
1
EURNOK Bearish short-term.The EURNOK pair is currently testing the 1D MA200 (orange trend-line), being at the same time supported by the 1D MA50 (blue trend-line). This ranged trade is the Higher High after the pair bottomed on December 27 2023 and started rising within a Channel Up. Based on the similar bottom rebound after the July 25 2023 Low, we expect the pair to reach the 0.5 Fibonacci level and then reverse downwards. If that happens we will sell there and target 11.3200 (Fib 0.236). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
Short
by TradingShot
1
EUR/NOK: Riding the Resistance Wave for a Potential ShortThe EUR/NOK pair is showing classic signs of a resistance ceiling at the 11.47 mark, coinciding with the peak of a visible cyclical pattern on the monthly chart. This level has historically acted as a strong barrier, repelling bullish attempts. The MACD indicator echoes this sentiment, with the histogram exhibiting a bearish crossover, potentially signaling diminishing upward momentum. Moreover, the stochastic oscillator is nearing overbought conditions, often a precursor to a reversal. Based on these technical observations, a short position is considered, anticipating a retracement from this confluence of resistance. As always, traders should employ sound risk management, acknowledging that technical setups are probabilities, not certainties.
Short
by aaronkaltman
EURNOK - An Elliott Wave Masterpiece! (+17,000pip Target!) ✨EURNOK is currently giving us a masterclass on Elliott Wave. We have the perfect impulse schematic, which follows every rule of Elliott Wave Theory. IMPULSE ELLIOTT WAVE SCHEMATIC Wave 1 = 5 waves (Impulse) Wave 2 = 3 waves (Correction) Wave 3 = 5 waves (Impulse) Wave 4 = 3 waves (Correction) Wave 5 = 5 waves (Impulse OR Correction in the form of a diagonal) We can see that wave 2 was a simple correction and when that happens, it is often expected that wave 4 will be a complex correction. In this scenario, we have wave 4 appearing as a complex Flat correction (3-3-5). We are currently in the wave C of the flat correction = 5 subwaves. We are seeing subwave 4 now and expecting one final subwave lower to complete wave C. SHORT Trade Idea: - Watch for subwave 4 to breakdown and enter with stops above subwave 4 - It's anticipated that we stay below 11.577 so having stops above that level will be fine for a risk entry - Target: 11 (5000pips) LONG Trade Idea: - Once we reach the buy zone, watch for reversal signs such as BOS or trendline break - Enter with stops below the lows once reversal signs appear - Targets: 11.5 (5,500pips), 12 (10,000pips), 12.5 (15,000pips), 12.8 (18,000pips) We do hope you learnt a thing or two from this post. Let us know your thoughts below! Goodluck and as always, trade safe!
by WicktatorFX
3