EURNOK - In a corrective period
Norway's CPI published today was in line with mkt expectations at 2,1 % YoY (although core CPI MoM was a bit lower)
Daily: As I have written in my previous post the major bullish trendline and horizontal resistance held well for now and Price started to correct towards Kijun Sen. MACD and Slow Stoch are both Bullish now, but the Ichimoku setup is bearish. However for a major bearish trend acceleration this 8,0940 - 8,1000 resistance zone.
Supports are 8,2550 (Kijun Sen) and 8,3200 (Senkou B) equilibrium.
4 Hrs: This "bullish" counter trend (correction) may develop a bit further. On this lower time frame it is a Buy now.
Strategy: As for me always the higher time frame matters more, I'd rather look for sell signals. We can wait for a Slow Stoch bearish cross from overbought territory, after Price also reached some higher support level, or look for the next bearish Kumo break on 4 Hrs. The other option is to sell the daily resistance break. Whichever comes first.
But for now it looks like we'll still have quite a few days until we get any of these possible sell signals.
Watch and wait!
Daily: As I have written in my previous post the major bullish trendline and horizontal resistance held well for now and Price started to correct towards Kijun Sen. MACD and Slow Stoch are both Bullish now, but the Ichimoku setup is bearish. However for a major bearish trend acceleration this 8,0940 - 8,1000 resistance zone.
Supports are 8,2550 (Kijun Sen) and 8,3200 (Senkou B) equilibrium.
4 Hrs: This "bullish" counter trend (correction) may develop a bit further. On this lower time frame it is a Buy now.
Strategy: As for me always the higher time frame matters more, I'd rather look for sell signals. We can wait for a Slow Stoch bearish cross from overbought territory, after Price also reached some higher support level, or look for the next bearish Kumo break on 4 Hrs. The other option is to sell the daily resistance break. Whichever comes first.
But for now it looks like we'll still have quite a few days until we get any of these possible sell signals.
Watch and wait!
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