• FxWirePro: EUR/NOK rebounds from multi-week lows, a jump till 9.9022 likely

    Source: FxWire Pro - Technicals / 12 Sep 2019 11:14:55   Europe/London

    • The Norwegian Krone eased against the euro, reversing most of its previous session gains.
       
    • On Tuesday, the major tumbled to an over 1-month low, however, it rebounded to close higher at 9.8803. 
       
    • EUR/NOK trades 0.2 percent up at 9.8761, having touched a low of 9.8450 earlier in the week, its lowest since Aug. 2.
       
    • Stochs indicate a bullish crossover and are on the verge to roll over from oversold levels
       
    • RSI is weak at 45.24 and MACD supports downtrend, a minor dip is expected
       
    • Immediate resistance is around 9.9022 (7-EMA) and any violation above could take it till 9.9267 (20-EMA).
       
    • On the downside, support is located at 9.8300 and close below could drag it till 9.7874. 

    Recommendation: Good to buy on dips around 9.8566, with stop loss at 9.8300 and target price of 9.9022 

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