Chart EUR/NOK Update: Room for higher
Anticipated gains have reached congestion resistance at 10.9000
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 11.0100 | ** | 50% ret of Jun-Sep fall | S1 | 10.8500 | * | congestion | |
| R3 | 11.0000 | ** | break level | S2 | 10.8000 | * | break level | |
| R2 | 10.9300 | * | break level, 38.2% ret | S3 | 10.7500 | * | range lows | |
| R1 | 10.9000 | * | congestion | S4 | 10.6660 | ** | 10 Sep YTD low |
Asterisk denotes strength of level
12:50 BST - Anticipated gains have reached congestion resistance at 10.9000, where short-term consolidation is appearing. Daily readings are positive, suggesting room for continuation towards stronger resistance at 10.9300. But flat overbought daily stochastics should limit any initial tests in fresh consolidation, before improving weekly charts prompt a break. A close above here will improve sentiment and extend September gains towards strong resistance at 11.0000 - 11.0100. But negative longer-term charts could prompt profit-taking towards here and limit any initial tests in consolidation.
Meanwhile, support is raised to congestion around 10.8500. A close beneath here, if seen, will turn sentiment neutral and prices then settle into fresh range extension above 10.8000.