- EUR/NOK is currently trading at 8.8242 levels.
- It made intraday high at 8.8242 and low at 8.8081 levels.
- Intraday bias remains slightly bearish till the time pair holds key resistance at 8.8330 marks.
- A sustained close below 8.8215 will test key supports at 8.8060, 8.7915 and 8.7802 marks respectively.
- On the other side, reversal from key support will take the parity higher towards key resistances around 8.8379, 8.8525, 8.8686, 8.8733 and 8.9013marks 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 8.83 with stop loss at 8.8379 and target of 8.8060/8.7873.