- The Norwegian Krone declined, extending losses for the sixth straight session ahead of unemployment rate due on Wednesday.
- Norway's seasonally adjusted unemployment rate increased to 3.7 percent in the three months to September from 3.4 percent in the April-June period.
- USD/NOK trades 0.2 percent higher at 9.1701, having touched a high of 9.2127 on Wednesday, its highest since November 4.
- Momentum indicators are bullish: RSI strong at 54.97 and Stochs are biased higher.
- 20-EMA is acting as major support level, reversal in trend only on close below.
- Next resistance is located at 9.1863, and close above could take it till 9.2007.
- On the downside, support is around 9.1382 (20-EMA), break below could take it till 9.1125.
Recommendation: Good to buy on dips around 9.1580, with stop loss at 9.1382, and target price of 9.1863.
