EUR/NOK: The 11.00 level should be an important support near term – SocGen
|EUR/NOK has slid toward the 11.20 mark. Economists at Société Générale expect the 11.00 level to floor the pair.
A move beyond 11.48 should result in extension of up move
“Last week's high of 11.48 has resulted in a brief pause however the trend line since last August at 11.00 should be an important support near term.”
“A move beyond 11.48 should result in extension of up move towards next potential hurdle at 11.70/11.75 representing peak of April 2020 and perhaps even towards 12.30, the 76.4% retracement of the whole 2020-2022 downtrend.”
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