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EUR/NOK Potential Upward Movement

EUR/NOK Long-Term Trend: Bullish

Key Resistance Levels: 9.97074, 10.04016, 10.06907.

Key Support Levels: 9.90453, 9.86185, 9.81792.

Daily Chart:

The price on the higher time frame found support around the 9.90453 NOK level where it reversed and moved higher with the help of an engulfing bullish pattern. The upside movement is expected to continue all the way up toward the next key resistance level around the 9.97074 NOK.

EUR/NOK Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the pair succeeded to break the wedge formation to the upside where a golden cross occurred between the 20 & 50 Moving averages. A lower correction could be seen to the 9.90453 NOK mark before a new impulsive wave toward the target profits.

Signal Idea:

Buy Limit Order @ 9.90653

TP 1 @ 9.96914

TP 2 @ 10.04016

Stop Loss @ 9.88566

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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