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- The Norwegian Krone surged, extending previous session rebound following upbeat balance of trade figures.
- Norway's trade surplus increased to NOK 5.88 billion in October after posting a deficit of NOK 1.4 billion in the previous month.
- USD/NOK trades 0.1 percent down at 9.1519, having touched a high of 9.2265 on Wednesday, its highest since October 30.
- Earlier in the day, the pair broke below major support at 20-EMA.
- Momentum indicators are bearish: Stochs are biased lower and MACD supports downside.
- Immediate resistance is located at 9.1749 and a close above could take it till 9.1937.
- On the downside, support is around 9.1234, break below could take it till 9.1152.
Recommendation: Good to sell on rallies around 9.1571, with stop loss at 9.1749, and target price of 9.1152.
