Chart EUR/NOK Update: Extending losses
Pressure remains on the downside as prices extend break of the 10.8000 level to reach fresh year low towards strong support at the 10.7000/10.6800, 2021/2022 year highs
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 11.0000 | * | figure | S1 | 10.7000 | ** | congestion, 2021 year high | |
| R3 | 10.9330 | ** | Mar low | S2 | 10.6800 | ** | 2022 year high | |
| R2 | 10.8500 | congestion | S3 | 10.6000 | * | congestion | ||
| R1 | 10.8000 | * | congestion | S4 | 10.5000 | * | 61.8% 2022/2025 rally |
Asterisk denotes strength of level
05:50 GMT - Pressure remains on the downside as prices extend break of the 10.8000 level to reach fresh year low towards strong support at the 10.7000/10.6800, 2021/2022 year highs. Oversold daily and weekly studies suggest reaction here can be expected to consolidate sharp losses from the 11.3400 March swing high. Meanwhile, resistance is lowered to the 10.8000/10.8500 congestion area which is expected to cap. Clearance here will ease the downside pressure and see room for stronger correction bounce to the 10.9000 level and 10.9330 low of 19 March.