FxWirePro: Norwegian krone weakens against euro, short term trend reversal likely
EUR/NOK is currently trading at 8.8808 levels. It made intraday high at 8.8816 and low at 8.8618 levels. Intraday bias remains bullish till the time pair holds key support at 8.8473 marks. A sustained close below 8.8713 …
It made intraday high at 8.8816 and low at 8.8618 levels.
Intraday bias remains bullish till the time pair holds key support at 8.8473 marks.
A sustained close below 8.8713 will test key supports at 8.8473, 8.8171, 8.8005, 8.7915 and 8.7802 marks respectively.
On the other side, reversal from key support will take the parity higher towards key resistances around 8.8873, 8.9013 and 8.9272 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 8.8780 with stop loss at 8.8713 and target of 8.8873/8.9013.
