EUR/NOK 12 January 09 based on

Daily

EUR/NOK is dealing above the cloud, the two sen are working above the cloud, and Kijun Sen(blue)<>

The Chinkou Span(white) is sitting both above the cloud and prices.

All the indicators from Ichimoku are showing uptrend.

The 2 EMA(Exponential moving average) the 50(yellow) and the 200(grey) are in uptrend.

In fact we probably made a top the 24 Dec 2008 @ 10.1596. Then we made on daily a nice shooting star formation, which brought a correction where we are now.

In my opinion we are in a short term correction before another all time high attempt.

Usually correction are made in 3 movement, we made the first from 26 Dec 08 @ 10.1415 till 6 January @ 9.3645 then we bounced (second one) close to 38.2% of the former movement to 9.6395 and we resumed last friday the current downtrend. I think we could see the movement moving a further more to the downside.

Weekly & Monthly

We broke a long term triangle from 2003 in the 21 september 2008 week.

As the daily chart, all indicators are showing uptrend, while we are since the 28 Dec week in a correction movement. We made a huge bearish engulfment on the top which means we finished the bull movement @ 10.1596.

According to Fibonacci retracement from 24 August 2008 week @ 7.8996 till 21 Dec 2008 week @ 10.1596

38.2% 9.2951

50% 9.0276

61.8% 8.7601

The 2 EMA crossed to the upside in the 28 Sep 2008 week.

All indicators we are using are giving to us an uptrend.

According to the eaquality of the movement we can go to

10.1596 - 9.3645 = 0.7951

9.6395 - 0.7951 = 8.8444

8.8444 is interesting cause it s close to 8 February 2004 High and it s belonging to the interval of 50% and 61.8% retracement.

We have also a huge support @ 9.3246 where prices could bounced to retest all time high.