EURNOK - Enters key support zone close to bullish trendline

FX:EURNOK   Euro / Norwegian Krone
39 0
In the long run I am rather bearish for EURNOK , I think NOK will perform well against EUR later this year and likely next year too. I've been short for about three weeks now, but as it's getting oversold and enterring a key support zone , also getting close to long term trend line , it is time to take profit. (anyway, my short Put options have maturity this week, so most of my positions will be closed through options excersise).
Hopefully we'll have better short entry levels higher again.

Bearish Ichimoku setup is still valid, ADX is climbing, so long term bearish bias will remain. However Price reaches 8,0950 - 8,1450 support zone , while Slow Stoch has been oversold for some time now. MACD histogram rising a bit too, but not yet any sign of a reversal there. Maybe we can expect some sideaway consolidation here (similar to May-June pattern), later we'll see if it suddenly breaks lower or corrects higher. In both cases I will look to re-sell this pair.

4 Hrs:
Not much comment - as you see here again, Ichimoku is one of the most powerful tools for trend followers.
While all Ichimoku components are still clearly bearish , ADX is extremely high, which means this Bear has to have some rest. Will it happen with a sideaway consolidation, or maybe with a small counter trend, I don't know of course. We have to watch it carefully.


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