EURHUF - Reached key support, cover shorts, sell again later
Weekly:
The main trend is still bullish, with trend and Kumo support around 305-307 area. This will be very important to watch in the future, as due to ECB QE at some point even EURHUF may break this long term trend. In case we see a weekly close below 305 in the coming months, that would open space down to 285-290.
Heiken Ashi candle changed colour this week, with haDelata crossing back below SMA3.
This means one thing: do not go long EURHUF as a strategic trade!
Daily:
The price drop was as quick as the spike before. Volatility has increased a lot. (It's not surprising as it has increased generally in FX mkts)
Price reached key support/resistance at 309,75-310 at the Kumo and horizontal key level. The Heiken Ashi candles are red with long bodies, no upper wicks, and also haDelta/SMA3 is bearish, but haDelta prints an extreme low. Also Kijun Sen still points up. I think this support should hold for few more days, and we should see some pull back to ard 314 level, but if the cross higher from here, we have to look for selling opportunity again!
Why? Because the weekly HA picture is turning bearish, and because the daily Ichimoku setup is turning into neutral/bearish as well: soon we'll have a weak bearish Tenkan/Kijun cross, Kumo overshades Price, and Chikou Span is hitting Price candles (even if Price moves up again, Chikou will cross below candles)
Summary: cover some shorts now and try to re-sell it ard 314-315.
The main trend is still bullish, with trend and Kumo support around 305-307 area. This will be very important to watch in the future, as due to ECB QE at some point even EURHUF may break this long term trend. In case we see a weekly close below 305 in the coming months, that would open space down to 285-290.
Heiken Ashi candle changed colour this week, with haDelata crossing back below SMA3.
This means one thing: do not go long EURHUF as a strategic trade!
Daily:
The price drop was as quick as the spike before. Volatility has increased a lot. (It's not surprising as it has increased generally in FX mkts)
Price reached key support/resistance at 309,75-310 at the Kumo and horizontal key level. The Heiken Ashi candles are red with long bodies, no upper wicks, and also haDelta/SMA3 is bearish, but haDelta prints an extreme low. Also Kijun Sen still points up. I think this support should hold for few more days, and we should see some pull back to ard 314 level, but if the cross higher from here, we have to look for selling opportunity again!
Why? Because the weekly HA picture is turning bearish, and because the daily Ichimoku setup is turning into neutral/bearish as well: soon we'll have a weak bearish Tenkan/Kijun cross, Kumo overshades Price, and Chikou Span is hitting Price candles (even if Price moves up again, Chikou will cross below candles)
Summary: cover some shorts now and try to re-sell it ard 314-315.
