FxWirePro: Norwegian krone rises sharply against euro, good to sell on rallies
EUR/NOK is currently trading at 9.5845 levels. It made intraday high at 9.6074 and low at 9.5819 levels. Intraday bias remains bearish till the time pair holds key resistance at 9.6200 mark. A sustained close below 9.598…
It made intraday high at 9.6074 and low at 9.5819 levels.
Intraday bias remains bearish till the time pair holds key resistance at 9.6200 mark.
A sustained close below 9.5988 will test key supports at 9.5724, 9.5420, 9.5170 and 9.4725 levels respectively.
On the other side, reversal from key support will take the parity higher towards key resistance around 9.6200/9.6326/9.6548 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take short position on EUR/NOK around 9.6000, stop loss at 9.6200 and target of 9.5420.
