Loading...
by Darius Anucauskas

EUR/NOK – Technical Outlook

The Norwegian Krone has been strengthening against its European counterpart since around the 2nd of May, when we saw a trend reversal to the downside. In the short run, the pair came under selling interest after it hit resistance at the downtrend line taken from the peak of the 2nd of May, but the slide was halted by the 9.443 support level.

For now, until the downtrend line is broken, we will remain bearish and aim for the recent lows again. A break below the 9.443 level could open the path towards the 9.397 area, marked by the lows of last week. Slightly below that lies the return line of the latest downtrend that could act as a strong area of support. Certainly, we could see a scenario, where EUR/NOK moves again towards the downtrend line and then retraces back down towards the previously mentioned levels.

Alternatively, a break above the downtrend line could interest more bulls in stepping in taking the driver’s seat. A good strong break through the 9.514 zone could open the doors towards the 9.514 or 9.540 levels. If the last level is not able to withhold the rate from rising, then we could potentially start aiming for the 9.608 mark, which was the 29th of May high.

2018.06.21 EURNOK 240 Logo

Disclaimer:

The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. JFD Brokers, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD Brokers analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyzes and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyzes and must therefore be viewed by the reader as marketing information. JFD Brokers prohibits the duplication or publication without explicit approval.

FX and CFDs are leveraged products. They are not suitable for every investor, as they carry high risk of losing your capital. You should be aware of all the risks associated with trading on margin. Please read the full Risk Disclosure.

Copyright 2018 JFD Brokers Ltd.

WEEKLY FINANCIAL NEWSLETTER
RIGHT INTO YOUR MAILBOX!
SUBSCRIBE TO JFD'S STRATEGIC REPORT