EUR/NOK rejected at key multiyear resistance – Société Générale
|EUR/NOK is retreating after a failed breakout above 12.05, with focus shifting to support near the 50-DMA and downside targets at 11.60 and 11.45, Société Générale's FX analysts note.
Gradual pullback tests 50-Day Moving Average
"EUR/NOK failed to establish itself beyond multiyear graphical hurdle of 12.05 highlighting a lack of steady upward momentum. The pair has experienced a gradual pullback recently and is challenging the 50-DMA."
"A brief bounce is not ruled out however last week high of 11.88 could provide resistance. Failure to cross 11.88 can result in continuation of decline. Next objectives could be located at projections of 11.60 and 11.47/11.45."
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.