Kumowizard
Long

EURNOK - Sharp Kumo break and trend reversal

FX:EURNOK   Euro / Norwegian Krone
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With Norges turning dovish, NOK got hamered last week. The 3000 points jump was quite remarkable, so here I expect some pull back and consolidation. Fundamentally it is hard to be strategic bearish for NOK , especially against EUR, but technicals tell us the opposite.

All indicators turned bullish on daily chart . Price is above Kumo, T/K bullish , MACD , Slow Stoch and DMI also bullish .

Actually I still have some small short EURNOK in my portfolio, but in case the retracement takes place, I will defenately close that short too. Retracement target is 8,2450. If it goes deeper and tests the Kumo between 8,21-8,2450, there we may look for some buy signals as well. The question is wether we should do it ag. EUR, or if we should rather have a look at USDNOK , or maybe NOKSEK as a relative value trade.

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