This morning we have had the Swedish central bank come out and delay interest rate rises with market now pricing no rise until early 2020 (from mid 2019). This has had a secondary effect on the Norwegian Krona leading to a 700 pips drop versus the Euro. We are looking to capitalise on this move into extreme overbought territory and looking for...
Trade we have had on for a while- continue to like short EURNOK on poor EUR growth and interest rate differentiation vs Norway. Highlighted two declining trendlines as well as Fibonacci support areas that we are currently trading around.
Head and shoulder pattern with right, declining leaning shoulder highlighted by the trendline.
E5 STRUCTURE UPDATE.
38.2% & POSSIBLE 61.8% Retracement LONG GWAVE.
FIB Retracement Percentage is calculated in a Higher Cartesian and or Euclidean Dimension.
PLEASE ALWAYS WAIT FOR STOCHASTIC CONFIRMATION!!! THANKS
1.Daily Support Valid
2. Trendline on daily valid
3.Profit margin 1:3
4.No major support until 9.5000 below (below)
5.Breaching upper Bollinger band showing signs of excessive buying
1.Daily Trend-line broken
2.Support broken Resistance valid
3.Profit margin 1:5
4.Big buyers near 9.2700
Waiting for retracement to strong support which broke through the resistance if price action meets take profit and there no signs of reversal we hold to 9.4500 which increase the profit margin to 1:11