FxWirePro: Norwegian krone erases previous gain against euro, intraday bias remains bullish
EUR/NOK is currently trading at 8.8428 levels. It made intraday high at 8.8493 and low at 8.8298 levels. Intraday bias remains slightly bullish till the time pair holds key support at 8.8298 marks. A sustained close belo…
It made intraday high at 8.8493 and low at 8.8298 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 8.8298 marks.
A sustained close below 8.8298 will test key supports at 8.8210, 8.8060, 8.7915 and 8.7802 marks respectively.
On the other side, reversal from key support will take the parity higher towards key resistance around 8.8525, 8.8686, 8.8733 and 8.9013marks 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 long on EUR/NOK around 8.84 with stop loss at 8.8298 and target of 8.8733/8.8795.
