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- 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 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.
