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- 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 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.
