EURNOK recovering from the worst drop in a few decades
10 May 2020
EURNOK Forex cross pair (Euro versus Norwegian Krone) has broken all time high again after months. EURNOK is trying to recover from the worst drop it had in a few decades.
As explained in 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 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 is the way to go.
Expecting big retracement on EURNOK
As expected, EURNOK is trying to drop all the way down to the origin of the more to a strong weekly imbalance located around 10.50. As a short term trader trading intraday on Forex, you will be able to go trade short all the way 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 on Norway’s economy and helped EURNOK forex cross to rally so strong and so high, the strongest drop of Norwegian Krone in decades.
Waiting for price to pullback where we need in order to start thinking of longs on EURNOK forex cross pair.
EURNOK Forex video analysis forecast
If you want to learn how to trade forex pairs you can visit our FX course page.
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