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Euro / Norwegian Krone

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EURNOK trade ideas

Nice run, but consolidation comes. Cover shorts, resell higherPlease track back this trade idea! This was my best trade in 2016! Held and built position for more than 6 months. Weekly: - Ichimoku is turning bearish, but price reached long term trendline support. - Heikin-Ashi has been nice bearish for weeks with strong momentum, but haDelta reached an extreme low. Consolidation is possible at first resistance, especially that price is also bit fr below Kijun now. - EWO is bearish, but reached extreme low. Daily: - Bearish Ichimoku setup with supports at 9,13 and 9,20+. - Heikin-Ashi signals start of consolidation/pull back. - EWO is bearish, but we'll see either a small wave up, or some sideaway. - Cover shorts for now, try to resell in 9,11 - 9,14 zone (in case of a sell signal)
Long
by Kumowizard
Tilt to the downside after better regional survey dataWeekly - No change: - neutral, with bearih bias ahead - for H&S validations mkt should clear and close below 9,20 Daily: - consolidation below Kijun Sen. Lower high. Kijun holds nicely. - haDelta crosses below its SMA3, haOscillator may turn down - EWO is bearish I still prefer overweight NOK in portfolios, as this ccy has the best relative value in G10. I just increased shorts. They have serious pick up in inflation, macro datas recently beat, just like the Regional Survey today! Country virtually has no debt, rating is "AAA" (and it is a real AAA :-) , and instead of consuming their future, they invest into their future! Carry of short EURNOK position is small positive too.
Short
by Kumowizard