EUR/NOK nears key 12.06/12.13 resistance – Société Générale
|EUR/NOK is testing a major resistance zone near 12.06/12.13, with past attempts to break higher unsuccessful, leaving 11.73 as the key level to watch on the downside, Société Générale's FX analysts note.
Multiple failures highlight resistance strength
"EUR/NOK is gradually approaching the upper boundary of its established range since 2023, situated at 12.06/12.13. The pair has failed to decisively break above this hurdle on multiple occasions."
"Should upward momentum falter near this resistance zone, a short-term pullback remains possible. The recent pivot low at 11.73 serves as an important support. A failure to hold above 11.73 could increase the risk of a deeper decline."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.