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FxWirePro: Norwegian krone marginally higher against euro, short term bias remains bearish

  • 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.

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