We’re going exotic this time with EURNOK. As you can see from its weekly chart, the pair had broken out from a massive rounding bottom pattern when it moved outside of its neckline at 8.2000. Following the break, it actually made a “throwback” or a “return move” back to its mentioned previous resistance. It would have a nice pick up there but we completely missed it. In any case, the pair still presents a handsome potential. Based on the height of the pattern, the pair can reach for a target of just below 9.200 if it can stay above 8.2000 although it may first encounter some selling pressure at 8.6000. Meanwhile, a fall below 8.2000 may bring it back down to 8.0000.
We’ll be on the lookout to jump and go long on the EURNOK on dips.
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