Chart EUR/NOK Update: Fresh year lows in NOK-dominant trade
Anticipated tests higher have been pushed back sharply
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 10.9000 | * | congestion | S1 | 10.5000 | ** | 61.8% ret of 2022-2025 rally | |
| R3 | 10.8000 | * | break level | S2 | 10.4555 | * | January 2023 (y) low | |
| R2 | 10.7000 | * | break level | S3 | 10.4000 | * | congestion | |
| R1 | 10.6000 | * | break level | S4 | 10.2000 | ** | congestion |
Asterisk denotes strength of level
11:50 BST - Anticipated tests higher have been pushed back sharply, with prices falling steadily in NOK-dominant trade to fresh year lows at strong support at the 10.5000 Fibonacci retracement. Daily studies remain bearish and longer-term charts are also under pressure, highlighting a broad bearish tone and room for deeper losses into the coming week(s). A close below 10.5000 will add weight to already bearish price action and extend April 2025 losses below the 10.4550 year low of January 2023 towards historic multi-month congestion around 10.4000.
Meanwhile, resistance is lowered to 10.6000. A close above here, if seen, will help to stabilise sentiment and prompt consolidation beneath 10.7000.