EURNOK - Triple top

FX:EURNOK   Euro / Norwegian Krone
124 4 8
The weekly shows a very bearish formation at 8.5. The impulse is still green, but using the daily, I would say it's time to short

Now looking at the daily, it's time to play in anticipation. Look at the candle that formed two days ago, that kangaroo tail. It is very bearish . Looking back on the chart, the accuracy of candlesticks is not great, but considering where this kangaroo tail is, I believe a short bet should be taken.

I have closed my remaining position (entry in the linked chart section) and I have gone short, with a small position. I will add once the weekly impulse becomes blue.

As for targets, well I believe the least we'll see is 8.0. The question is if this pair can go below that. My trade plan is to keep adding to my short, and once we get close to 8.0, I will start taking profits, and leave maximum 50% on the table. If I will see a buying signal developing there, I will not hesitate to go long. If it breaks, I will consider adding back to my short.

Let's wait for 8.0!
Today the impulse is green, with a strong rejection from value. Both the weekly and the daily have green impulse. For the moment, this pair is bullish.
vlad.adrian PRO vlad.adrian
closed position
Hi Vlad, you have been spot on regarding Norwegian weakness, while our view was more strenght (but we were very wrong). However, fundamentals a long with technical supports for a possible comeback for the Norwegian Krone. Todays CPI numbers should kill all expectations regarding a possible rate cut on the next interest meeting on 11th of December. The recent move (weakness) has been similiar after the melt-down in 2008. Underlying is not the same as after the financial crisis in 2008.

However, last weeks weekly candle ended with an inverted hammer. With a follow-up this week, a top is in sight with a possible target price of 8.15/8.10.

Keep up the nice work!
Thank you!
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