Kumowizard
Short

EURNOK - Swing short. Will it keep trading range, or will break?

FX:EURNOK   Euro / Norwegian Krone
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I opened some shorts today, based on my last post ( pls see linke below) and on today's 4 Hrs px action. Maybe I did a bit too early, but gvn the daily Kumo, I had to pull the trigger to get reasonable expected risk-reward ratio. Anyway, it looks like we may see a further consolidation.

Daily: Not much change since my last post. Small daily hammers following each other with touch lower closes. Bulls seem to be trying, but they fail each they. Chikou Spn back below Price candles. This can develope to a bigger selloff. Maybe even below 1,3050 Major Key Support? Hmmm... let's just not predict it too early. Just a thought. What we see now is still just a range trading. If it breaks lower, then it will, if not, then the range will stay.

4 Hrs: weak Tenkan/Kijun Sell signal, Price couldn't move back above Kijun Sen twice. Price ticking below Kumo, but we still have the horizontal Key level ard 8,37 to be cleared. Also ADX is still too low. In fact this is still just a sideaway, with some selling pressure. But there's the chance it can accelerate later.
This short position worked pretty well. Price broke below daily Kumo and from now it will likely keep bearish bias. As Price got close to 8,20 key support, I closed half of my short at 1,2425 and sold some 2 weeks maturity covered Puts for the rest.
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Today's CPI release put pressure on EURNOK finally. Price dips below Key Support. Maybe we'll even see a bearish Kumo breakout and a trend reversal? Next important support level is 8,1850.
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