Kumowizard
Short

Negative divergences. If...then...

FX:EURNOK   Euro Fx/Norwegian Krone
38 0 4
- Ichimoku setup is neutral, until Price holds below 9,45 key level marked by Kijun Sen.
- Lower support/resistance zone is obvious, marked by 100wma and horizontal lines at 9,20-9,25
- Heikin-Ashi shows indecision, looking at haDelta I think price can not continue higher from here.
- haDelta and EWO shows a very long term negative divergence.

IF... THEN:
- If price can not close above Kijun, then it will dip into the Kumo cloud in coming weeks, probably testing 9,20+ again.
- If price once closes below 9,20 support, space will open to 8,95-9,00 first, the move would be quick.
- If price breaks 9,20, then a huge Head and Shoulders pattern gets validation. In that case any spike back to 9,20 from 8,95-9,00 will have to be used to sell.

I think EUR will remain under pressure in coming weeks. This can support short EURNOK             positions.
The other important component is Brent Oil             , which is consolidating now. If it can't turn bearish really, then EURNOK             selling will be more agressive.

This trade idea is a long term play. Worth to follow!
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