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.
As explained in the previous EURNOK forex cross-pair analysis, we discussed the reasons 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 forex traders, you will be able to sell EURNOK forex cross pair on the way down, but as long-term investors longs is the way to go.
As expected, EURNOK is trying to drop all the way down to the origin of the more to strong weekly imbalance, located around 10.50. As a short-term trader trading intraday on Forex, you can trade short down if forex selling signals start to happen. Longs will be possible much lower.
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.
Waiting for price to pull back where we need to start thinking of longs on the EURNOK forex cross pair.
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