FxWirePro: Norwegian Krone rebounds from record lows as Norges Bank cuts rates to 0.25 pct 

• The Norwegian Krone retreated from record highs following Norway's central bank interest rate decision. 
   
• The Norges Bank cut its benchmark interest rate by 75 bps to a record low of 0.25 percent during an emergency meeting today, it followed another extraordinary 50bps slash a week earlier which was the first cut in borrowing costs since 2016.
   
• On Thursday, the pair rallied to new highs above the 12.000 level before closing 0.3 percent down. 
   
• USD/NOK trades 3.1 percent lower at 10.9009, having touched an all-time high of 12.1224 the day before. 
   
• Momentum indicators are turning bearish on hourly charts: RSI weak at 35, Stochs are at oversold levels and MACD supports downside. 
   
• Immediate resistance is located at 11.5102, and close above could take it till 11.7723. 
   
• On the downside, support is around 10.6510 (5-DMA) / 10.6370 (50% Fib), break below could take it till  10.5617 (7-EMA). 
   

Recommendation: Good to sell on rallies around 11.2285, with stop loss at 11.2736 and target price of 10.6510.