Like I mention earlier on Nov 20th, after forming a two-bar reversal on October 14th, the price has collapsed and pass through the major daily support level that has previously struggled at. The level that the price has passed through is an important level that should be watched closely.
Price on EURGBP slowly making a retrace to this new resistance level. It would be interesting to see if this level can hold and price can create a bearish price action signal. We should also pay attention how the price behaves in the intraday time frame.
EUR/GBP daily chart – zoom out
EUR/GBP daily chart – zoom in
EUR/GBP 4-hour chart
The EURCAD has been moving down steadily on the daily time frame and the price now approached the important level. I would prefer to see the price to break through the daily support level and retest the level, then start hunting for the short opportunity, including in the intraday time frame.
EUR/CAD daily chart
EUR/CAD 4-hour chart
EUR/NOK (Euro vs Norwegian Krone)
Price on EURNOK is slowly trying to move lower into the daily support level. This level has been acted as the major support level in the past. You can see in the picture below, that not only this level been acted as the major support level, but the price has formed a bullish pin bar twice and sent the price higher.
If price can approach the daily support level, it’s going to be interesting to see what the price would be offer with what the bullish price action has done previously. I will start looking for a potential long trade on the daily or intraday time frame, with an obvious bullish price action signal.
EUR/NOK daily chart – zoom out
EUR/NOK daily chart – zoom in