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Euro / Norwegian Krone

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EURNOK trade ideas

Can it be a major short for 2017?Well, the year has just started, but Norway Manufacturing PMI and its breakdown published this morning was very positive. --> Please see my today Twitter post Technically the pair is in consolidation, but very close to a major breakdown and strategic sell signal. Weekly: - Ichimoku has bearish bias (until price holds below Kijun Sen). Weekly support is 9,21+ - Heikin-Ashi may give a sell signal this week -> pls see how haDelta and haOscillator are rolling over. - EWO and MACD both bearish, but also both shows consolidation phase - Should price break the lower bound of the consolidation range (8,95), that would also mean a break of the 4 years long bullish trendline! Daily: - Ichimoku picture is neutral, Price is at Kumo supp/res. This Kumo cloud ahead. Lower key is Kijun Sen at 9,0225. A break below would accelerate selling. - Heikin-Ashi signal is bearish-like, with red, but still small candle bodies and haDelta/SMA3 below zero, but not yet confirmed.
Short
by Kumowizard
A major trendbreak? - 4 years trendline being testedFirst of all I hope you followed this trade idea in last two days on Twitter. Then you are already short in EURNOK. If you missed the Tweets, no problem, it is still not too late. I show you why. Weekly: - Ichimoku setup is bearish: Price is below Kumo and Kijun, Tenkan/Kijun is bearish, Tenkan and Senkou A point down. - Ichimoku basic rule of Kumo breakout says the break has to be validated by a lower low on next leg down. That would be around 8,90. This would also mean a clear break of the 4 years major strategic bullish trendline! - Heikin-Ashi gives a sell signal this week! haDelta and DM_Oscillator dip below zero. - EWO and MACD are bearish too. If it breaks down, next bearish targets are 8,50 and 8,35 Daily: - After some consolidation in the Kumo, and testing 100wma, it clearly turns back to bearish. I called for this trade back in June-July. I took profit in October, and I was waiting very patiently for the pull back and the consolidation. Yesterday I enterred short again. OPEC has changed the game, and Norway will be one of the big winners. As I also wrote in my previous posts, the Norwegian economy is very healthy with C/A surplus, no debt, but with already increasing inflation path! I really believe this can be one of the big trend trades in 2017!
Short
by Kumowizard