FxWirePro: USD/NOK breaks below 20-EMA, good to sell on rallies

• The Norwegian Krone surged, extending previous session rebound following upbeat balance of trade figures.
   
• Norway's trade surplus increased to NOK 5.88 billion in October after posting a deficit of NOK 1.4 billion in the previous month.
   
• USD/NOK trades 0.1 percent down at 9.1519, having touched a high of 9.2265 on Wednesday, its highest since October 30.
   
• Earlier in the day, the pair broke below major support at 20-EMA.  
   
• Momentum indicators are bearish: Stochs are biased lower and MACD supports downside.
   
• Immediate resistance is located at 9.1749 and a close above could take it till 9.1937.
   
• On the downside, support is around 9.1234, break below could take it till 9.1152.

Recommendation: Good to sell on rallies around 9.1571, with stop loss at 9.1749, and target price of 9.1152.