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.
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.
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