EURNOK - Sharp Kumo break and trend reversal
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.
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.
