The Norwegian Krone has been sold on increased risk aversion as well as a selloff in comodities (rather oil dependant currency) . Also international investors to a great extent fail to distinguish between the Swedish Krone and the Norwegian krone. This has hit the NOK lately due to the swedish exposure to the baltic countries, in particular Latvia.
As a result we see an investment opportunity. The foreign exchange (FX) cross between Euro (EUR) and the Norwegian Krone, EURNOK, is hovering around 9.08 and 9.13. We consider this a good entry point for a short position of EURNOK and have sell orders in place at 9.12 and 9.13 for a longer term position.
4 hour chart
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1 day chart
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1 month chart
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