FxWirePro: Norwegian krone weakens against euro, faces strong resistance at 8.8697
EUR/NOK is currently trading at 8.8452 levels. It made intraday high at 8.8475 and low at 8.8171 levels. Intraday bias remains bullish till the time pair holds key support at 8.8353 marks. A sustained close below 8.8353 …
It made intraday high at 8.8475 and low at 8.8171 levels.
Intraday bias remains bullish till the time pair holds key support at 8.8353 marks.
A sustained close below 8.8353 will test key supports at 8.8081, 8.7915 and 8.7802 marks respectively.
On the other side, reversal from key support will take the parity higher towards key resistances around 8.8526, 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 8.85 with stop loss at 8.8697 and target of 8.8353/8.8081.
