The pair is consolidating on 4H (RSI = 49.952) awaiting for a break out. 1D has followed a perfect symmetry so far on 1D (Inverse Head and Shoulders) and if the 1D MA50 breaks, we expect the price to test the 9.6450 Support.
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While the general setup still has somehow bullish bias, it seems EURNOK is struggling to re-gain a real momentum to the upside. My indicators seem to be topish.
There is also a weak bearish Tenkan/Kijun cross.
Please note how close the 6 years bullish trendline is.
Price is also below weekly Kijun.
Key supports: 9,7150 / 9,63 (+/-)
We open some small short with...
As you can see, EURNOK has broken its short-term downside resistance line and moved slightly higher. This increases the pair's chances to move further up, where we could target the levels, at least seen around mid-May.
Please see the chart for levels, targets and the alternative scenario.
Don't forget your stop-loss.
EURNOK SWING SHORT
- Weekly (Bearish): Multiple indecision candles with a bearish rejection
- Daily (Bearish): Bearish candles overpowering bulls
- 4hr (Entry): Head and shoulder with trendline break. Tweezer tops off new down trendline & 50 MA