FxWirePro: EUR/NOK hovers around 8.91 mark, good to sell on rallies
EUR/NOK is currently trading at 8.9082 levels. It made intraday high at 8.9248 and low at 8.8984 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 8.9272 marks. A sustained close b…
It made intraday high at 8.9248 and low at 8.8984 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 8.9272 marks.
A sustained close below 8.91 will test key supports at 8.9013, 8.8733, 8.8686, 8.8525 and 8.8355 marks respectively.
On the other side, reversal from key support will take the parity higher towards key resistance around 8.9272, 8.9589 and 8.9672 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 go short on EUR/NOK around 8.9150 with stop loss at 8.9272 and target of 8.8733.
