Chart EUR/NOK Update: Poised for bounce from 11.3000
Consolidating test of the critical 11.3000 congestion as prices unwind the deep oversold daily studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 11.5400 | * | Feb low | S1 | 11.3000 | ** | congestion, channel support | |
| R3 | 11.5000/60 | ** | congestion, Nov low | S2 | 11.2600 | * | Jun low | |
| R2 | 11.4520 | * | 21 Mar high | S3 | 11.2000 | * | congestion | |
| R1 | 11.4000 | * | congestion | S4 | 11.1500 | * | Dec 2023 low |
Asterisk denotes strength of level
07:55 GMT - Consolidating test of the critical 11.3000 congestion as prices unwind the deep oversold daily studies. The latter also coincides with channel support from the July 2023 low and also bearish channel from the August high. Would expect room for bounce here to retrace steep drop from the 11.8350, 5 March high. Nearby see resistance starting at 11.4000 congestion then the 11.4520, 21 March high. Gains beyond this, if seen, will open up room for stronger bounce to the 1.5000/60 congestion and November low. Meanwhile, break of the 11.3000 support, but not expected, will see room for extension to target the June low at 11.2600.