Bullish picture, but limited upside from here.
First of all I marked this post as "SHORT", but I don't mean this market is strategic bearish. I'd rather like to point to a possible top and a pull back.
Weekly:
- Bullish Ichimoku, but price far above equilibrium (Kijun and Senkou B lines), and also reached possible channel top
- Heikin-Ashi is bullish, need to check candle body size at the end of the week.
- EWO bullish, but probably building some negative divergence --> in case it won't make a higher print from here.
Daily:
- Bullish Ichimoku with Price far above Kijun Sen. Kijun started to catch up. Supports are at 9,60 / 9,47 / 9,40.
- Heikin-Ashi may signal momentum loss today --> watch haDelta/SMA3 which already signals some weakness compared to price.
- Price trades within two possible bearish wedges. The shorter one has become very tight. The longer "wedge" lines converge very slowly, with a possible resistance ard 9,80, which means unless Oil immediately collapses to 20 USD, Bulls have very limited upside here in EURNOK longs. Especially that NOK has been the worst performer G10 for the last 1,5-2 years.
Should we see some rebound in Oil, risk correction in general, and as technical condition Price break below 9,60, then EURNOK has chance to show correction down to 9,40-9,47 area.
Weekly:
- Bullish Ichimoku, but price far above equilibrium (Kijun and Senkou B lines), and also reached possible channel top
- Heikin-Ashi is bullish, need to check candle body size at the end of the week.
- EWO bullish, but probably building some negative divergence --> in case it won't make a higher print from here.
Daily:
- Bullish Ichimoku with Price far above Kijun Sen. Kijun started to catch up. Supports are at 9,60 / 9,47 / 9,40.
- Heikin-Ashi may signal momentum loss today --> watch haDelta/SMA3 which already signals some weakness compared to price.
- Price trades within two possible bearish wedges. The shorter one has become very tight. The longer "wedge" lines converge very slowly, with a possible resistance ard 9,80, which means unless Oil immediately collapses to 20 USD, Bulls have very limited upside here in EURNOK longs. Especially that NOK has been the worst performer G10 for the last 1,5-2 years.
Should we see some rebound in Oil, risk correction in general, and as technical condition Price break below 9,60, then EURNOK has chance to show correction down to 9,40-9,47 area.