We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Bullish
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Bearish
More View more
Real Time News
  • RT @YuanTalks: #PBOC cut yuan’s fixing by 89 pips to 7.0306 per USD, vs 7.0217 one day earlier.
  • RT @globaltimesnews: China urges the US to stop provocations to avoid unforeseen incidents. The Chinese military is determined to safeguard…
  • The $AUD and its local #ASX 200 stock index have diverged in what may be a sign of market confidence in ebbing US-China trade war and #Brexit risks. Get your market update from @IlyaSpivak here: https://t.co/nuN48hX6d6 https://t.co/7eMZlyYqaM
  • Japan, South Korea still in talks to avoid ending intellectual pact -BBG citing Kyodo
  • Fascinating read. Highly recommend. https://t.co/ZU71iqJzXe
  • The #Euro has stalled after brief recovery against the US Dollar. The dominant price trend bias continues to favor weakness on the horizon. Get your $EURUSD market update from @IlyaSpivak here:https://t.co/ooJMpdE8xq https://t.co/yT5oj0G82s
  • #USDCHF pivot points (daily) – S3: 0.985, S2: 0.9886, S1: 0.9908, R1: 0.9943, R2: 0.9957, R3: 0.9993- https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • RT @lisaabramowicz1: Hedge-fund firms reported the eighth straight month of client redemptions in October, the longest stretch of withdrawa…
  • RT @KyleR_IG: 2 down, 5 to go. Australia's was poor, this is in-line. Europe's likely the most significant now. A meet, or better yet, beat…
  • Japan’s benchmark #Nikkei 225 stock index may be on course break a three-month uptrend, making good on an early warning signal from the $USDJPY exchange rate. Get your market update from https://t.co/jja7S4b74k
Euro May Extend Gains vs NOK and Aim to Re-Test 11-Year High

Euro May Extend Gains vs NOK and Aim to Re-Test 11-Year High

2019-08-28 03:30:00
Dimitri Zabelin, Junior Currency Analyst
Share:

Euro, Norwegian Krone, EURNOK – TALKING POINTS

  • EURNOK may rise this week and re-test 11-year high
  • Congestive price action in play after 4% jump in July
  • Longer-term outlook suggests underlying bullish bias

See our free guide to learn how to use economic news in your trading strategy!

EURNOK has risen over four percent since mid-July and briefly touched an 11-year high at 10.0972 before it cooled off and retreated close to the 38.2 percent Fibonacci extension level. A break below this point exposes the pair to support at around 9.84. The sideways movement of the pair suggests indecision or exhaustion after the significant climb in July to early August.

EURNOK – Daily Chart

Chart showing EURNOK

EURNOK chart created using TradingView

Zooming out to a weekly chart shows EURNOK is continuing to strongly climb along – and often times above – the seven-year rising support channel (red parallel lines). The pair is less than half of a percent away from reaching the highest exchange rate in its existence. Despite the congestion shown on a daily chart, the long-term outlook suggests a strong upside-bias that may continue throughout year-end.

EURNOK Exchange Rate Approaching Highest in its Existence

Chart showing EURNOK

EURNOK chart created using TradingView

Supportive fundamentals may be the driving force behind the pair’s ascendancy this week and beyond. Rising geopolitical uncertainty in Europe along with deteriorating trade relations could continue to pressure the export-driven Norwegian economy and sap capital from the Krone. Commentary from the Norges Bank’s last policy meeting suggests officials may slowly start pivoting from hawkish to neutral and maybe even dovish.

EURNOK TRADING RESOURCES

--- Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.