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- EUR/NOK is currently trading at 9.5845 levels.
- It made intraday high at 9.6074 and low at 9.5819 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 9.6200 mark.
- A sustained close below 9.5988 will test key supports at 9.5724, 9.5420, 9.5170 and 9.4725 levels respectively.
- On the other side, reversal from key support will take the parity higher towards key resistance around 9.6200/9.6326/9.6548 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take short position on EUR/NOK around 9.6000, stop loss at 9.6200 and target of 9.5420.
