EUR/NOK: Scope to eventually reach 10.8583 – Credit Suisse
|EUR/NOK has broken above its key medium-term resistance zone at 10.4004/10.3828. Economists at Credit Suisse look for further upside to unfold in the medium-term, with scope to reach 10.8583 in due course.
EUR/NOK looks set for further medium-term strength
“Though a short pullback may slow the advance in the near-term, the rising 55-day and 200-day moving averages, as well as weekly MACD momentum turning outright positive, continue to point toward further strength in the medium-term.”
“We stay biased higher and look for a move to the July 2021 high at 10.7038 in due course, with a break above here seeing scope to reach the 38.2% retracement of the 2020/22 fall at 10.8583.”
See – Norges Bank Preview: Forecasts from five major banks, split between a 25 bps and a 50 bps rate hike
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.