Chart EUR/NOK Update: Limited bounce from fresh year low
The anticipated break above 10.9000 has not been seen
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 10.9175 | ** | 1 Oct (w) high | S1 | 10.6000 | * | break level | |
| R3 | 10.9000 | * | congestion | S2 | 10.5550~ | ** | 14 Oct YTD low | |
| R2 | 10.8000 | * | break level | S3 | 10.5000 | ** | 61.8% ret of 2022-2025 rally | |
| R1 | 10.7000 | * | break level | S4 | 10.4000 | * | congestion |
Asterisk denotes strength of level
12:10 BST - The anticipated break above 10.9000 has not been seen, as strong selling interest posted a steady pullback to fresh year lows around 10.5550~. Oversold daily stochastics are ticking higher, suggesting room for a minor bounce towards resistance at 10.7000. But the bearish daily Tension Indicator and negative weekly charts should limit any tests in renewed selling interest. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath 10.8000.
Following cautious/corrective trade, fresh losses are looked for. Support is at the 10.6000 break level. But a close below 10.5550~ will turn sentiment negative and extend broad April 2025 losses initially to the 10.5000 Fibonacci retracement.