FxWirePro: USD/NOK breaks below 11.000, major support at 10-DMA
Tuesday, March 24, 2020 9:57 AM UTC
- The Norwegian Krone rose, extending prior session gains as the greenback eased from 3-year peaks.
- The dollar tumbled after the U.S. Federal Reserve unveiled unlimited quantitative easing and programs to support credit markets.
- USD/NOK trades 5.1 percent lower at 10.9732, having touched an all-time high of 12.1224 on Thursday.
- Momentum indicators are turning bearish: RSI has rolled over from overbought levels and Stochs are biased lower.
- Immediate resistance is located at 11.6750, and close above could take it till 11.7045.
- On the downside, support is around 10.7895, break below could take it till 10.7501.