FxWirePro: EUR/NOK fails to find support below 9.6450 mark, short term trend reversal likely
EUR/NOK is currently trading at 9.6836 levels. It made intraday high at 9.6933 and low at 9.6583 levels. Intraday bias remains slightly bullish till the time pair holds key support at 9.6450 mark. A sustained break below…
It made intraday high at 9.6933 and low at 9.6583 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 9.6450 mark.
A sustained break below 9.6474 will test key supports at 9.6375, 9.6337, 9.6178, 9.6011 and 9.5549 levels respectively.
On the other side, reversal from key support will take the parity higher towards key resistance around 9.7025/9.7228/9.7466/9.7867/9.8065/9.8438/9.8855 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to take long position on EUR/NOK around 9.6780, stop loss at 9.6400 and target of 9.7228.
