~ Week Of March 13th 2017 ~
Key Level Being Tested
Published by Jay Davies - March 13th 2017
The exotic EURNOK currency pair has pushed up through a key level that has been respected on multiple occasions for the past 8 years. If you scrolled back on the daily chart you would be able to see that as far back as October of 2008 the market respected the 9.14000 level.
The market is now in the process of testing this level once again. By the end of the New York trading session on Friday, price closed above this level after being contained below it since September of 2016.
Before trading this pair we need to wait for either a retrace and signal to go long or watch for the Euro to once again weaken in value against the Norwegian Krone and move below the key level and produce a signal to go short. We'll patiently watch and wait for a safe entry on this pair when the market reopens.