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EUR/NOK Pulls Back Sharply to Threaten Recovery Outlook

EUR/NOK Pulls Back Sharply to Threaten Recovery Outlook

2011-02-17 07:20:00
Joel Kruger, Technical Strategist
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Eur/SekAny and all attempts to rally continue to be met with formidable resistance as the market remains locked in a very intense downtrend. Setbacks have extended to the 8.70 thus far and next key support comes in by psychological barriers at 8.65. A break back above 8.85 will now be required to officially relieve short-term downside pressures.

Eur/NokWe are finally starting to see the formation of a potential base in the cross after the market had dropped to fresh multi-year lows by 7.70. At this point, the latest rally has stalled out ahead of 8.00, and for the recovery to continue, we would need to see a higher low somewhere above 7.70 to be confirmed on a sustained break back above 7.95 and through psychological barriers by 8.00. Another failure ahead of 8.00 and break back below 7.70 would negate.

Usd/SekRemains under some intense pressure with the market trading just off of the yearly and multi-week lows from last Wednesday at 6.36. However, with daily studies looking stretched, there is the risk for some corrective upside ahead. A bullish reversal week would definitely help the USD’s cause here and we would need to see a break above 6.55 to encourage these reversal prospects.

Usd/Nok Has been very well supported on dips to the 5.70 area with the market reversing sharply from the level and breaking back above 5.84 to end a sequence of weekly lower tops and open the door for a more substantial rally over the coming weeks. Look for continued upside towards 6.00 over the coming days, with a greater move beyond towards 6.20 not to be ruled out. Only back below 5.70 negates.

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com

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