EURNOK One of the best long-term sells

The EURNOK pair has topped on the long-term having made a Cycle peak on the week of May 29 2023. So far however, the 1W MA50 (blue trend-line) has (nearly) held twice as Support, but both rebounds failed to cross above the 0.618 Fibonacci level.

This price action is very similar to the previous Cycle peak of March 2020, leading to a 1W MA50 rebound that again failed to break above the 0.618 Fibonacci. The direct consequence was a Channel Down to the 1W MA200 (orange trend-line) and the -0.382 Fibonacci extension.

As a result, we will sell as long as the price is below the 0.618 Fib and target 10.9000, a projected contact with the 1W MA100 (green trend-line).

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