Kumowizard

EURNOK - What to do when momentum disappears?

FX:EURNOK   Euro Fx/Norwegian Krone
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Weekly:
- Ichimoku setup is very hard to read still, because the rare spike in dec/2014 made some distorsions of the indicator. I'd say it is kind of neutral, as Price is at the equilibrium measured from datas 26 weeks ago, and Chikou Span hit Price candles.
- It's been 6 weeks now since EURNOK             tries to break the major uptrend line and the key supp/res zone of 8,32-8,38, but looking at the Heikin Ashi candles we can see the bodies come smaller each after, and there is clearly no decisive lower low (all lower wicks got blocked ard 8,30+). Weekly haDelta is flat. For me this looks like a loss of possible bearish momentum.

Daily:
- Ichimoku setup is turning to neutral from bearish: Chikou Span hits price candles, Tenkan is almost crosses up Kijun (that would be a weak bullish cross)
- Heikin Ashi signal is turning to bullish , we need to see if haDelta/SMA3 can stuck finally above zero line.
- The descending triangle is a bit subjective. We can draw it either from the blow off top, in that case it is already broken, but if we look at the less steep one, that is still in play.

I had been short for long time, but now I just feel EURNOK             completely lost its bearish momentum, it's just moving sideaway, which is annoying a bit. So I decided to cut most of my short.
It may be a good sell higher, or lower if finally breaks 8,32, but here and now it is neutral.