Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

EUR/NOK: sell target - 8.2000

  • EUR/NOK broke strong support zone
  • Next sell target - 8.2000

EUR/NOK has been falling strongly from the start of this month – recently breaking the major support zone lying between the support levels 8.5000 and 8.5500 (as you can see below). This support zone has been repeatedly reversing this currency pair from the start of February. The breakout of this support zone should strengthen the bearish pressure on EUR/NOK in the near-term perspective.

The pair is likely to fall further inside the accelerated impulse wave 3 of the intermediate (C)-wave from last month (which is a part of the second primary ABC correction ② from December). Next sell target stands at the support level 8.2000 (target price for the termination of impulse 3).

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