EUR/NOK technical analysis: The Norwegian Krone shines today as the EUR slumps

Norwegian Manufacturing Production month on month hits 0.8% vs expected 0.4% for September.
EUR/NOK could now be heading lower toward the psychological 10.000 level.

Rajan Dhall, MSTA FX Daily

EUR/NOK has taken a hit today as a combination of EUR weakness and NOK strength provides the perfect combination.

Even USD/NOK trades lower as the greenback trades well against most of its counterparts.

The NOK is a commodities currency and it seems to be benefitting from the higher oil price (WTI +2%) and the improved trade rhetoric between the US and China.

Chart Analysis

Looking at the 4-hour chart, the trendline has now been broken to the downside indicating bearishness.

The support level of 10.070 support level has also been taken out and the psychological 10.00 level could be the next support.

The RSI indicator is heading lower but has not reached the oversold level so there could be some more space for some weakness.

The whole formation is also a head and shoulders pattern and the head and shoulders target would take it to 9.941.

EUR/NOK Head and Shoulders Pattern

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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