Trade Alert
EURNOK has broken the medium-term upside support line, drawn from the low of October last year, and is now also testing the key support area, near the 9.7332. Such a setup favors the bears more than the bulls, which means we might see a follow through to the downside. For now, we will target slightly lower levels, as the euro is currently feeling a bit on the weak side.
That said, given the proximity of the rate to the upside support line, we will still keep in mind the possibility for a strong reversal back above the upside support line. And if that happens, we might abandon the above-mentioned bullish scenario.
Please see the chart for details.
Don't forget your SL.
EURNOK has broken the medium-term upside support line, drawn from the low of October last year, and is now also testing the key support area, near the 9.7332. Such a setup favors the bears more than the bulls, which means we might see a follow through to the downside. For now, we will target slightly lower levels, as the euro is currently feeling a bit on the weak side.
That said, given the proximity of the rate to the upside support line, we will still keep in mind the possibility for a strong reversal back above the upside support line. And if that happens, we might abandon the above-mentioned bullish scenario.
Please see the chart for details.
Don't forget your SL.
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.
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.