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Euro Price Forecast: Will EUR/NOK Break 7-Year Uptrend?

Euro Price Forecast: Will EUR/NOK Break 7-Year Uptrend?

2019-11-08 05:00:00
Dimitri Zabelin, Junior Currency Analyst
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Euro Price Chart, EUR/NOK Technical Analysis – TALKING POINTS

  • EUR/NOK gearing up to test seven-year uptrend
  • Pair is on verge of clearing key support channel
  • Downside break could catalyze a tectonic shift

Learn how to use politicalrisk analysis in your trading strategy!

After reaching an all-time high at 10.3133, EUR/NOK retreated over two percent and is now sitting on top of the intersection of the 10.0602 support level and the July uptrend. Prior to the decline, negative RSI divergence was showing upside momentum had been fading. Traders may wait to exit their long positions (or enter short) until after a downside a breakout is met with follow-through.

EUR/NOK – Daily Chart

Chart showing EUR/NOK

EUR/NOK chart created using TradingView

If the pair break below both support and the uptrend, the next significant barrier may be the stacked support range roughly between 9.900/927. This area may serve as a digestive zone where EUR/NOK may trade for a brief period before continuing its descent or using it to stage a recovery.

EUR/NOK – Daily Chart

Chart showing EUR/NOK

EUR/NOK chart created using TradingView

Zooming out to a weekly chart shows the pair is already flirting with the July uptrend, opening the door for a downside breakout. If EUR/NOK breaks below it with follow-through, the next barrier will be the seven-year uptrend. A break below this psychological floor with confirmation could invite an aggressive selloff and potentially undo a significant portion of this year’s upside progress.

EUR/NOK – Weekly Chart

Chart showing EUR/NOK

EUR/NOK chart created using TradingView

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--- 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.

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