Chart EUR/NOK Update: Prices remain under pressure in NOK-dominant trade
Anticipated selling interest has broken below 10.4000 in NOK-dominant trade to post a fresh year low around 10.3400
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 10.8000 | * | break level | S1 | 10.2000 | ** | congestion | |
| R3 | 10.7000 | * | break level | S2 | 10.1500~ | November 2022 (m) low | ||
| R2 | 10.6000 | * | break level | S3 | 10.0900 | ** | 76.4% ret of 2022-2025 rally | |
| R1 | 10.4000 | * | congestion | S4 | 10.0000 | * | congestion |
Asterisk denotes strength of level
11:50 GMT - Anticipated selling interest has broken below 10.4000 in NOK-dominant trade to post a fresh year low around 10.3400. Both daily and weekly readings remain bearish and longer-term charts are also under pressure, highlighting a broad bearish tone and room for deeper losses into the coming week(s). Immediate focus is on congestion around 10.2000. A break will extend April 2025 losses towards the 10.0900 multi-year Fibonacci retracement. But flat oversold weekly stochastics could prompt short-covering towards here and limit any initial tests in consolidation.
Meanwhile, resistance is lowered to congestion around 10.4000. A close above here, if seen, will help to stabilise sentiment and prompt consolidation beneath 10.6000.