Chart EUR/NOK Update: Extending gains from 11.6050 lows
Bounce from the 11.6500 support to break the 11.8000 level has seen extension to reach the 11.8700 level
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 12.0700 | ** | May 2023 year high | S1 | 11.8000 | * | congestion | |
R3 | 12.0000 | ** | figure, Nov high | S2 | 11.7500 | * | 16 Oct low | |
R2 | 11.9500 | * | congestion | S3 | 11.7000 | * | figure, congestion | |
R1 | 11.9000 | * | figure | S4 | 11.6500 | * | 7 Oct low, congestion |
Asterisk denotes strength of level
07:00 GMT - Bounce from the 11.6500 support to break the 11.8000 level has seen extension to reach the 11.8700 level. Follow-through here will see room to extend gains from the 11.6050, August/September lows to target the 11.9000 figure. Beyond this will see scope to retest strong resistance at 11.9500 congestion then the 12.0000 figure. Overbought daily studies suggest reaction at the latter can be expected. Meanwhile, support is raised to the 11.8000 level and this should now underpin and limit corrective pullback. Break here will ease the upside pressure and see room for consolidation to the 11.7500/11.7000 support.