FxWirePro: Norwegian krone marginally lowers against euro, hovers around 8.94 mark
EUR/NOK is currently trading at 8.9426 levels. It made intraday high at 8.9437 and low at 8.9347 levels. Intraday bias remains slightly bullish till the time pair holds key support at 8.9278 marks. A sustained close belo…
It made intraday high at 8.9437 and low at 8.9347 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 8.9278 marks.
A sustained close below 8.9278 will test key supports at 9.9204, 9.9178, 8.8801 and 8.8304 levels respectively.
On the other side, reversal from key support will take the parity higher towards 8.9888/9.0347/9.0461/9.0780/9.1463/9.1685 marks 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 8.94 with stop loss at 8.9278 and target of 8.9888/9.0089.
