Chart EUR/NOK Update: Poised to extend late-June losses
Cautious trade has given way to a steady drift lower to support at 10.8000
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 11.0520 | ** | 28 Jul (w) high | S1 | 10.8000 | * | break level | |
| R3 | 11.0000 | * | congestion | S2 | 10.7500 | * | range lows | |
| R2 | 10.9300 | * | break level | S3 | 10.6965 | ** | 21 May YTD low | |
| R1 | 10.9000 | * | congestion | S4 | 10.6050 | ** | 61.8% ret of 2022-2025 rally |
Asterisk denotes strength of level
11:50 BST - Cautious trade has given way to a steady drift lower to support at 10.8000, where fresh consolidation is developing. Daily stochastics and the daily Tension Indicator under pressure, highlighting room for a break and continuation of late-June losses towards support at the 10.7500 range lows. Critical support, however, is at the 10.6965 current year low of 21 May. Already oversold daily stochastics could limit any initial tests in short-covering/consolidation, before bearish weekly charts prompt a break. A close beneath here will add weight to sentiment and confirm continuation of April 2025 losses towards the 10.6050 Fibonacci retracement.
Meanwhile, resistance is at the 10.9000 - 10.9300 range. A close above here, if seen, will help to stabilise price action and extend corrective gains towards congestion around 11.0000. However, renewed selling interest is expected to appear towards here.