FxWirePro: Norwegian krone trades marginally lower ahead on core retail sales data
EUR/NOK is currently trading at 9.6320 levels. It made intraday high at 9.6340 and low at 9.6113 levels. Intraday bias remains slightly bullish till the time pair holds key support at 9.6020 mark. A sustained close below…
It made intraday high at 9.6340 and low at 9.6113 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 9.6020 mark.
A sustained close below 9.6188 will test key supports at 9.6020, 9.5906, 9.5770, 9.5549 and 9.5428 levels respectively.
On the other side, reversal from key support will take the parity higher towards key resistance around 9.6522/9.6633/9.6880/9.7025/9.7228/9.7466/9.7867/9.8065/9.8438/9.8855 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
Norway will release core retail sales data at 0700 GMT.
We prefer to take short position on EUR/NOK only below 9.6020, stop loss at 9.6633 and target of 9.5549.
