- The Norwegian Krone declined against the euro, reversing most of its previous session losses.
- The pair rallied to a 3-week peak last week but found stiff resistance at 10.0700
- EUR/NOK trades 0.3 percent up at 10.0072, having touched a high of 10.0694 on Thursday, its highest since Aug. 7.
- Overall trend is bullish, with RSI strong at 58.30, MACD supports uptrend, and Stochs indicate a bullish crossover
- Immediate resistance is around 10.0459 (Aug. 15 High) and any violation above could take it till 10.0663 (trendline joining 10.0972 and 10.0694) / 10.0972.
- Any violation above 10.0972 could see a reversal in trend.
- On the downside, major support is located at 9.9522 (20-EMA) and any break below could take it till 9.9060 (August 2 Low).
Recommendation: Good to buy on dips around 9.9791, with stop loss at 9.9522 and target price of 10.0459.
