Eurnokforecast
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:
EURNOK - To valhalla!First things first: all hail the vikings!
Why I like this trade:
- NOK with the MUCH better fundamentals
- NOK clearly undervalued on a longterm timeframe
- Norges Bank quite dovish in their last meeting but could get hawkish again in march as
-> inflation has massively surprised to the upside
- inflation expectations on thursday will be key for NB
- NB could reduce NOK selling
- oil and nat gas with upward potential
- EUR optimism is overpriced
Short EURNOK - the vikings will win!First things first: all hail valhalla!
Why I like this trade:
- NOK with the MUCH better fundamentals
- NOK clearly undervalued on a longterm timeframe
- Norges Bank quite dovish in their last meeting but could get hawkish again in march as
-> inflation has massively surprised to the upside
- inflation expectations on thursday will be key for NB
- NB could reduce NOK selling
- oil and nat gas with upward potential
- EUR optimism is overpriced
EURNOK $EURNOK Initial ShortEURNOK $EURNOK Initial Short. TP and SL on chart. Move SL on TP. After TP2, trail with 0.5ATR step and 1.5ATR offset.
EURNOK LONG - Buy Entry - H4 ChartEURNOK LONG - Buy Entry - H4 Chart
Buy @ Market
Symbol: EURNOK
Timeframe: H4
Type: BUY
Entry Price: Buy @ Market
Pivot Point Yearly @ 10.11400
Resistance @ 10.03155
Resistance @ 9.82763
Support @ 9.62460
Support @ 9.47920
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EURNOK LONG - Buy Entry - H4 ChartEURNOK LONG - Buy Entry - H4 Chart
Buy @ Market
Symbol: EURNOK
Timeframe: H4
Type: BUY
Entry Price: Buy @ Market
Major Resistance @ 9.91497
Major Resistance @ 9.97409
Major Resistance @ 10.07712
Major Support @ 9.77623
Major Support @ 9.76160
Short Vision on EUR NOK for 28/07/2021Hello Dear Traders,
You find below my analysis for EUR/NOK, the currency pair is in the sell zone. I expect the price to fall. According to my set of rules, in the M30 frame EUR/NOK will fall to 10.46 as I am showing in my chart. Our Daily Goal is 10.445.
Currently, EUR/NOK is moving towards the resistance level 10.506,where there is some liquidity from this value we are looking for short-term selling opportunities of EUR/NOK.
Good Luck and enjoy your Bearish Market for today.
Entry:@10.505
TP1: @10.485
TP2: @10.465
TP3: @10.445
SL: @10.55
As mentioned on previous posting, we oscillate daily with the market based on Human Behavior and Sentiment.
Feel free to share your thoughts and opinions in the comment section below, I will be glad to discuss my friends!
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 continuous downwardsEURNOK will continue downward movement after breaking support level, momentum downwards is still strong...
EUR/NOK : Trade Setup !!EUR/NOK , SELL at Current Price or After Breakdown .
You Can Also Set own Risk Reward ratio .
Let see what Will be Next Move.
Warning- I m Not a Financial Advisor this idea Only For Educational Purpose Only.
Thank You !!
EU Losing MomentumEU have had a good run lately, but it seems over, for now at least. EURNOK is a bit special to me. Won a lot, lost a bit, yet, I keep fixating on it because of the large swings and very clear formations it makes. Finally it has come to a point when it is either breaking out short or consolidating. Looking at the past six days, it couldn't make new tops, it's sliding downwards. To add on that, short-term MACD, RSI and mid-term Stochastic seems to agree on most charts, that it's going downwards.
EURNOK New BreakoutA breakout just happened on this pair. I'm only in for a small amount, because EUR has released strong numbers and volume isn't strong. It have been building up cash for over a weak now. But it's a solid breakout, with an exhausted candle yesterday. There is always the chance it might pull back a bit, in US market open, so you could wait. If RSI is diving under 25.0000 I might add to my short position.
EURNOK ReboundIt's rebounding on the fan. EUR is not having a good morning, so a nice add for those that jumped in the last time I had this pair up. For new comers it might be a small entry for you. We are below all ema/ma's, rsi can't make new high. I believe a few coins can me made on this trade.
EURNOK Breakout 3TAPWaited for this to happen for some time now. Hopefully patients will pay off. I have a pretty aggressive short position. Be aware of my stop loss. It is large, but it needs to be over the breakout line so I do not get stopped out if/when stop loss hunt begins. Profit could be bigger than I show, but currently I limit it around 8.83730 which is the last time 200MA had a consolidation. (Zoom out on the chart to see)
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: Rsi Oversold + Diversion + Pattern + Wait for PA = LONG YOUR LIKE MATTERS : Give it a like if this has helped you in any way , follow for more ideas and daily updates.
PA: PRICE ACTION
