EUR/NOK Currency Pair Forecast

Stronger technical forecast for EUR/NOK currency pair price after Friday trading.
(Updated on May 17, 2024)

EURNOK Signals & Forecast

EUR/NOK has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. The EUR/NOK currency pair holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at kr11.65 and kr11.68. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 30, 2024, and so far it has fallen -1.91%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The currency pair had a Golden Star Signal on Friday, February 23, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Wednesday, October 11, 2023.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.

Support, Risk & Stop-loss for EUR/NOK currency pair

EUR/NOK finds support from accumulated volume at kr11.48 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved kr0.0617 between high and low, or 0.532%. For the last week the currency pair has had daily average volatility of 0.160%.

Our recommended stop-loss: kr11.07 (-4.74%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 31 days ago.)

Trading Expectations (EURNOK) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect EUR/NOK to open at kr11.62, and during the day (based on 14 day Average True Range), to move between kr11.56 and kr11.67, which gives a possible trading interval of +/-kr0.0556 (+/-0.48%) up or down from last closing price. If EUR/NOK takes out the full calculated possible swing range there will be an estimated 0.96% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at kr11.63 (0.06%) than the support at kr11.48 (1.19%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is EUR/NOK currency pair A Buy?

EUR/NOK holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: -0.174 Hold/Accumulate Upgraded

Predicted Opening Price for EUR/NOK of Monday, May 20, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.