• FxWirePro: norwegian krone trades marginally lower ahead on core retail sales data

    Source: FxWire Pro - Technicals / 28 Feb 2018 02:03:23   Eastern Standard Time

    • EUR/NOK is currently trading at 9.6320 levels.
    • It made intraday high at 9.6340 and low at 9.6113 levels.
    • Intraday bias remains slightly bullish till the time pair holds key support at 9.6020 mark.
    • A sustained close below 9.6188 will test key supports at 9.6020, 9.5906, 9.5770, 9.5549 and 9.5428 levels respectively.
    • On the other side, reversal from key support will take the parity higher towards key resistance around 9.6522/9.6633/9.6880/9.7025/9.7228/9.7466/9.7867/9.8065/9.8438/9.8855 marks respectively.
    • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
    • Norway will release core retail sales data at 0700 GMT.                                        

    We prefer to take short position on EUR/NOK only below 9.6020, stop loss at 9.6633 and target of 9.5549.

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