Brent, CPI, Norges, 9,60 refused -> GOTO 9,35

FX:EURNOK   Euro Fx/Norwegian Krone
40 0 3
- Brent Oil             is still under heavy selling pressure. This and previous general Euro             buying caused a sharp spike from 9,20 to 9,60 in EURNOK             .
- However NOK             Bears could not push the price above 9,58-9,60 key resistance since 8/Dec. Seven failed attempts.
- Norwegian CPI             last week was higher than expected despite falling oil             prices.
- Market believed in a Norges Bank rate cut with 50-50 chance, but Norges kept its benchmar on hold at 0,75 %. For me it was not surprising at all, given the fact ECB was less dovish and the above mentioned CPI             number.

- Ichimoku bullish biased, but bullish Kumo breakout missed textbook confirmation, as price did not make a higher high above 9,60 prev resistance.
- The pair faced heavy selling after Norges decision today. Price is down -1,4 % as bulls unwinding positions. Price reaching Tenkan Sen. We had 5 candles showing undecision and choppy trading in a wide range of 9,43-9,59. Today Heikin-Ashi candle has huge upper and lower wicks again, but this time a red body! haDelta/SMA3 however may dip below zero line. -> Turning bearish!
- Pull back on its way, with possible initial tgt             to 9,30-9,35.

If you want to enter swing short, do not rush, as this G10 pair has been trading like a wild EM cross! Try to catch spikes to 9,48-9,52.

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