FxWirePro: EUR/NOK rejects key support at 9.6820 mark, upside limited

• EUR/NOK is currently trading at 9.7119 levels.
   
• It made intraday high at 9.7177 and low at 9.7031 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 9.6820 mark.
   
• A sustained break below 9.7066 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 short position on EUR/NOK around 9.7150, stop loss at 9.7574 and target of 9.6820/9.6647.

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