Hi, I'm Andrea Russo and today I want to show you this SHORT investment opportunity on an often undervalued but extremely interesting pair: EURNOK.
I would like to thank in advance our Official Broker Partner PEPPERSTONE for the support in creating this article.
The Euro / Norwegian Krone exchange rate has reached an excess area, with a recent high in the 11.79 area, showing signs of bullish exhaustion on multiple timeframes. Prices are currently above the EMA200, but this data is not enough to justify a further extension of the rise, especially considering the behavior of institutional operators and the macro weakness of the euro.
Technical context
The price structure shows a congestive lateral phase, with upper spikes that do not find continuation, signaling a probable distribution phase. The level of 11.8530 has acted as an upper protective zone, often defended with declining volumes and passive orders.
The target at 11.5800 corresponds to a historical cluster of volumes, and is supported by protections at the level of options and open interest. In the event of a break of the local lows, an acceleration of the bearish movement is plausible.
Fundamental context
The Norwegian krone is currently benefiting from an improvement in domestic macro data, while the euro is suffering from a fragile context with divergences between member countries and signs of slowdown.
Market sentiment shows a balanced positioning by retail traders, indicating a possible expectation of institutional investors to strike forcefully in the opposite direction to any future imbalances.
Stay tuned for more updates.
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Full Broker benefits & Socials
👉 andrearussoforextrader.com
If you want to receive:
✅ precise TAKE PROFIT
✅ precise STOP LOSS
✅ updates on My Trades
👉 Telegram Channel: t.me/swipeuptrading
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🔵 Official Partner of PEPPERSTONE
Full Broker benefits & Socials
👉 andrearussoforextrader.com
If you want to receive:
✅ precise TAKE PROFIT
✅ precise STOP LOSS
✅ updates on My Trades
👉 Telegram Channel: t.me/swipeuptrading
Full Broker benefits & Socials
👉 andrearussoforextrader.com
If you want to receive:
✅ precise TAKE PROFIT
✅ precise STOP LOSS
✅ updates on My Trades
👉 Telegram Channel: t.me/swipeuptrading
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.