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FxWirePro: EUR/NOK fails to find support below 9.6450 mark, short term trend reversal likely

  • EUR/NOK is currently trading at 9.6836 levels.
     
  • It made intraday high at 9.6933 and low at 9.6583 levels.
     
  • Intraday bias remains slightly bullish till the time pair holds key support at 9.6450 mark.
     
  • A sustained break below 9.6474 will test key supports at 9.6375, 9.6337, 9.6178, 9.6011 and 9.5549 levels respectively.
     
  • On the other side, reversal from key support will take the parity higher towards key resistance around 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. Current upside movement is short term trend correction only.

    We prefer to take long position on EUR/NOK around 9.6780, stop loss at 9.6400 and target of 9.7228.

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