Since July this year, the trend in EURNOK has been on the downside with lower highs and lower lows. However, the pair has managed to bounce off 8.10 level each time and is now testing short term horizontal resistance around 8.20.
If break and close above this resistance (8.20), we might see 8.24/8.25 level, before recent peak just above 8.30/8.32. Furthermore, with weak fundamentals in Europe, we should see overall weakness in EUR, which again supports a stronger NOK.
We want to add 1/3 of wanted position at current level (8.1950+) and add more if/when we see 8.24/8.25 with a stop loss if we close above 8.28 on daily basis.
A possible trigger for Norwegian Krone this week is CPI numbers for September upcoming friday due 10:00 CET.
Safe trading!
If break and close above this resistance (8.20), we might see 8.24/8.25 level, before recent peak just above 8.30/8.32. Furthermore, with weak fundamentals in Europe, we should see overall weakness in EUR, which again supports a stronger NOK.
We want to add 1/3 of wanted position at current level (8.1950+) and add more if/when we see 8.24/8.25 with a stop loss if we close above 8.28 on daily basis.
A possible trigger for Norwegian Krone this week is CPI numbers for September upcoming friday due 10:00 CET.
Safe trading!