Chart of the day: EUR/NOK

Blake Morrow Forex Analytix

The EURNOK has been in a long term descending channel, and with the channel resistance at 10.4500 and the 78% Fibonacci retracement of the July high to October lows coming in at 10.4799 the risk is for a turn lower. Also, given that the crude market is trying to recover after a recent 27%+ slide lower last month, the NOK could also gain back some lost ground as well as the NOK and Crude have a strong correlated relationship. We'd expect dips back towards the 200dma at 10.1300 to offer near term support.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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