I have a small position open short EURUSD at avg 1.21331 , which was set at an extremely bad timing before we had a spike in EURUSD around 11:00 GMT.
The spike brought us to my 38.20 fib level around 1.2190. Where are we heading next? will I get to close the short below the 23.60 at 1.2075? time will show .. In the meantime I'm just glad its a small position to entertain myself with this Monday morning
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We're getting increasingly worried about a reversal in risk aversion and close out our EURNOK short
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The Norwegian Krone has been sold on increased risk aversion as well as a selloff in comodities (rather oil dependant currency) . Also international investors to a great extent fail to distinguish between the Swedish Krone and the Norwegian krone. This has hit the NOK lately due to the swedish exposure to the baltic countries, in particular Latvia.
As a result we see an investment opportunity. The foreign exchange (FX) cross between Euro (EUR) and the Norwegian Krone, EURNOK, is hovering around 9.08 and 9.13. We consider this a good entry point for a short position of EURNOK and have sell orders in place at 9.12 and 9.13 for a longer term position.
4 hour chart
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1 day chart
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1 month chart
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