Bullish picture, but limited upside from here.

FX:EURNOK   Euro Fx/Norwegian Krone
35 1 3
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.

- 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.

- 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.
Well, if we close the day at current levels, then at least the shorter term wedge broke... Let's await oil data later today to see if this gives more guidance about whether or not we can expect a further downside correction in EUR/NOK in the near future.
I am not very familiar with Heikin Ashi, so thanks for sharing your insights, it's appreciated!
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out