FxWirePro: Norwegian krone marginally higher against euro, short term bias remains bearish
EUR/NOK is currently trading at 8.8242 levels. It made intraday high at 8.8242 and low at 8.8081 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 8.8330 marks. A sustained close b…
It made intraday high at 8.8242 and low at 8.8081 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 8.8330 marks.
A sustained close below 8.8215 will test key supports at 8.8060, 8.7915 and 8.7802 marks respectively.
On the other side, reversal from key support will take the parity higher towards key resistances around 8.8379, 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 short on EUR/NOK around 8.83 with stop loss at 8.8379 and target of 8.8060/8.7873.
