FxWirePro: USD/NOK halts 4-day losing streak, find strong support at 20-EMA
Friday, March 27, 2020 10:58 AM UTC
- The Norwegian Krone retreated from a 10-day peak as the greenback rebounded on U.S. stimulus action aimed at improving global market liquidity.
- USD/NOK trades 0.9 percent higher at 10.5030, having touched an all-time high of 12.1224 last week.
- Earlier in the day, the pair declined to an over 1-week low but found strong support at 20-EMA
- Momentum indicators are turning bullish.
- Immediate resistance is located at 10.7477, and close above could take it till 10.7895.
- On the downside, support is around 10.2719, break below could take it till 10.2406.