- EUR/NOK is currently trading at 8.9082 levels.
- It made intraday high at 8.9248 and low at 8.8984 levels.
- Intraday bias remains slightly bearish till the time pair holds key resistance at 8.9272 marks.
- A sustained close below 8.91 will test key supports at 8.9013, 8.8733, 8.8686, 8.8525 and 8.8355 marks respectively.
- On the other side, reversal from key support will take the parity higher towards key resistance around 8.9272, 8.9589 and 8.9672 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 go short on EUR/NOK around 8.9150 with stop loss at 8.9272 and target of 8.8733.
