Chart EUR/NOK Update: Under pressure in NOK-driven trade
Anticipated losses have posted a fresh year low just beneath the 10.6965 monthly low of 21 May in NOK-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 10.9300 | * | break level | S1 | 10.6965 | ** | 21 May (m) low | |
| R3 | 10.9000 | * | congestion | S2 | 10.6000 | ** | congestion | |
| R2 | 10.8000 | * | break level | S3 | 10.5400 | * | early-Jan 2023 (w) low | |
| R1 | 10.7500 | * | range lows | S4 | 10.5000 | ** | 61.8% ret of 2022-2025 rally |
Asterisk denotes strength of level
13:05 BST - Anticipated losses have posted a fresh year low just beneath the 10.6965 monthly low of 21 May in NOK-driven trade, with prices currently trading around 10.6950. Daily readings continue to point lower and broader weekly charts are bearish, highlighting room for further losses in the coming weeks. A close beneath here will add weight to already bearish price action and extend April 2025 losses towards historic congestion around 10.6000.
Meanwhile, resistance is lowered to the 10.7500 range lows and extends to 10.8000. An unexpected close above here will turn sentiment neutral and give way to consolidation beneath further congestion around 10.9000.