Kumowizard

EURHUF - Daily and 4 Hrs bearish momentum drops, swing up

Long
FX:EURHUF   Euro Fx/Hungarian Forint
1
Please see my latest calls and ideas about EURHUF through the links below.

What has changed in last two days?

Daily:
- The Kumo and horizontal resistance ard 309,75-310 blocked further bearish move as Price got oversold
- Slow Stoch is about to deliver a bullish signal (this indicator is very reliable in EURHUF when the signal happens at key levels)
- Heiken Ashi candle may signal a reversal too, haDelta crossed above SMA3 after printing an extreme low.
- Support/resistance area is between 315,50-317,50. There we have to watch for Slow Sroch and haDelta signals again.

Be careful with long EURHUF trades, as the main picture has been changing: weak bearish Tenkan/Kijun cross, overshading Kumo, neutral/ bearish Chikou Span from now. As I wrote in my previous post, I'd rather look for short entry at key levels if I see any sell signals.

4 Hrs:
- bullish HA candles, haDelta is again above SMA3, both lines managed to stay above zero level
- DMI bearish bias is lost, close to a bullish cross
- Chikou Span losing its open space
- However the Kumo is thick, providing strong bearish suppor between 315,50-317,50

Note: NBH rate setting due today. Market is pricing in further rate cuts for the future. Wether it happens today or later, or if it happens at all, no one knows. Anyway, we have to trade on Price action rather than belief.

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