EUR/NOK expected to rebound towards 9.2200 – Danske Bank

Pablo Piovano FXStreet

Senior Analyst at Danske bank Jens Sorensen has recommended buying the cross, targeting a potential up move to the 9.22 area.

Key Quotes

“EUR/NOK continued to trade at a relatively low level around 9.01-9.04 yesterday”.

“In our view, EUR/NOK at this level seems excessive even though we have a strategic long-term bullish view on NOK”.

“Our sceptical view on the impact on the oil price from OPEC’s intention to cut output along with positioning, technical levels and our short-term fair value estimate suggest that we could see a tactical rebound in EUR/NOK”.

“Yesterday, we therefore sent out a recommendation to buy EUR/NOK spot targeting 9.2200”.

1. R3 9.1094
2. R2 9.0802
3. R1 9.0567
PP 9.0275
1. S1 9.0040
2. S2 8.9748
3. S3 8.9512

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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