EURNOK forex cross pair creating new imbalances
26 Aug 2020
EURNOK Forex cross pair (Euro versus Norwegian Krone) has broken an all-time high again after months. EURNOK is trying to recover from its worst drop in a few decades by creating new daily demand imbalances like the one you will see lower in this forex analysis.
As explained in the previous EURNOK forex cross-pair analysis, we discussed why Norway’s Krone suffered the worst drop in half a century. Our supply and demand Forex analysis told us that a strong imbalance was in the making and that is going long after such a strong rally was not allowed. We had to wait for a pullback. As short-term traders, you will be able to sell EURNOK forex cross-pair on the way down, but as long-term investors, longs are the way to go. We called this new imbalance a few days ago in the forex trading community. It’s been playing out nicely.
Strong EURNOK forex daily imbalance
As expected, EURNOK is trying to drop all the way down to the origin of the more at the daily demand level of around 10.48, and it’s provided us with a nice setup. We still have a bullish bias. We are waiting for new imbalances, though.
Norway is an important Oil producer; low costs of Crude Oil must have impacted Norway’s economy and helped the EURNOK forex cross to rally so strongly and so high, the strongest drop of the Norwegian Krone in decades.
Join our supply and demand stock trading course to learn how to trade using our supply and demand trading strategy.
© 2013 – 2024
Set and Forget S.L
All Rights Reserved.
Follow Us
Disclaimer
Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Set and Forget, its employees, or fellow members. Futures, options, and spot currency and stocks trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex and futures markets. Don't trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell spot Forex, cfd's, stocks or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.
High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in Forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.