FxWirePro: EUR/NOK hovers around 9.70 mark, downside limited
EUR/NOK is currently trading at 9.7041 levels. It made intraday high at 9.7070 and low at 9.6820 levels. Intraday bias remains slightly bullish till the time pair holds key support at 9.6820 mark. A sustained break below…
It made intraday high at 9.7070 and low at 9.6820 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 9.6820 mark.
A sustained break below 9.7048 will test key supports at 9.6820, 9.6647, 9.6447, 9.6395 and 9.6011 levels respectively.
On the other side, reversal from key support will take the parity higher towards key resistance around 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.
Norway Jan trade balance increase to 28.8 bln no vs previous 24.7 bln no.
We prefer to take long position on EUR/NOK around 9.6980, stop loss at 9.6820 and target of 9.7228/9.7466.
