EUR/NOK points to further range bound – Danske Bank

Pablo Piovano FXStreet

Kristoffer Lomholt, Senior Analyst at Danske Bank, believes the cross could extend its sideline theme for longer.

Key Quotes

“The move in EUR/NOK challenges our call for the cross to break above the 8.92 threshold on a more sustained basis”.

“Yet we do not see price action as an indication of a forthcoming break of the lower range either, as we now re-settle in a range where few want to add shorts – given that the cross seems slightly oversold – but also few want to add longs given a fundamental selling interest”.

“Overall, it suggests EUR/NOK could remain in the 8.84-8.92 range for a little longer”.

1. R3 8.9249
2. R2 8.9121
3. R1 8.8992
PP 8.8864
1. S1 8.8735
2. S2 8.8607
3. S3 8.8478

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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