Kumowizard

EURNOK - Consolidation or correction starts.

FX:EURNOK   Euro / Norwegian Krone
28 0 0
Daily: There is a strategic bearish Ichimoku setup, which means we will have to look for sell on spikes. However it seems EUR is recovering a bit on all crosses, so likely the 8,0940 trend and horizontal support will hold for now on EURNOK             too.
MACD lines closed in, may give a bullish signal on next spike. Slow Stoch has been oversold now for some time.

4 Hrs: Bearish momentum lost now on DMI-ADX. rice started to consolidate. 8,1620 is upper support. Watch if the trendline breaks. Now we'll have equal chance for a break up or for a further break down after some consolidation.

Strategy: Counter trend trade not yet recommended until price is below 8,1650 and until we see some Ichimoku buy signals on this time frame, but it is time to fully take profit on shorts. Look for sell signals to re-enter short positions either above 8,20 (e.g. at daily Kijun Sen retest) or in case of the trendline break , which one comes earlier.
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