Chart EUR/NOK Update: Balanced - studies improving
Prices are currently balanced in choppy trade beneath congestion resistance at 11.0000
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 11.1750 | ** | 61.8% ret of Jun-Jul fall | S1 | 10.8765 | ** | 24 Jul (m) low | |
| R3 | 11.1175 | ** | 50% ret of Jun-Jul fall | S2 | 10.8525 | ** | 76.4% ret of May-Jun rally | |
| R2 | 11.0600 | ** | 38.2% ret of Jun-Jul fall | S3 | 10.8000 | * | break level | |
| R1 | 11.0000 | * | congestion | S4 | 10.6965 | ** | 21 May YTD low |
Asterisk denotes strength of level
12:00 BST - Prices are currently balanced in choppy trade beneath congestion resistance at 11.0000. Daily stochastics are rising and the daily Tension Indicator is also positive, highlighting room for a break higher in the coming sessions. Focus will then turn to the 11.0600 Fibonacci retracement, with room for continuation of late-July gains towards the 11.1175 retracement. However, broader weekly charts are mixed/negative, suggesting any initial tests of 11.1175 could be limited in profit-taking/consolidation. Meanwhile, support is down to the 10.8765 monthly low of 24 July and extends to the 10.8525 Fibonacci retracement. Any immediate pullback should give way to consolidation above here. A break, however, will add weight to sentiment and extend late-June losses below 10.8000 towards critical support at the 10.6965 current year low of 21 May.