• FxWirePro: norwegian krone trades marginally lower against Euro, upside limited

    Source: FxWire Pro - Technicals / 18 Oct 2018 04:35:32   America/New_York

    • EUR/NOK is currently trading at 9.4451 levels.
    • It made intraday high at 9.4561 and low at 9.4321 levels.
    • Intraday bias remains slightly bullish for the moment.
    • A sustained close below 9.4381 will test key supports at 9.4309, 9.4182, 9.4002, 9.3817 and 9.3636 levels respectively.
    • On the other side, reversal from key support will take the parity higher towards key resistance around 9.4648/9.4808/9.5089/9.5277/9.5690/9.6057/9.6200/9.6326/9.6548 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 take long position on EUR/NOK only above 9.4650, stop loss at 9.4162 and target of 9.50.

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