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Eur/Nok Bullish Outlook Negated As Market Puts in Sharp Bearish Reversal

Eur/Nok Bullish Outlook Negated As Market Puts in Sharp Bearish Reversal

2011-09-07 06:19:00
Joel Kruger, Technical Strategist
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Eur/SekThe market recovery out from 8.70 remains intact despite the latest minor pullback and we look for a fresh higher low around 9.00 ahead of the next upside extension towards the 9.50 area further up. Weekly studies are looking even more constructive potentially with the formation of a major base. Ultimately, only a sustained break back below 9.00 would give reason for concern.

Usd/SekThe market looks to be in the process of a major structural shift, with the latest multi-day consolidation to likely result in the formation of an eventual higher low ahead of the next major upside extension. For now, the 6.20 area is expected to continue to support any pullbacks and buying dips towards the psychological barrier is the preferred strategy. Ultimately, only a daily close back under 6.20 gives reason for concern.

Usd/Nok The market looks to be in the process of a major structural shift, with the latest multi-day consolidation to likely result in the formation of an eventual higher low ahead of the next major upside extension. For now, the 5.30 area is expected to continue to support any pullbacks and buying dips towards the psychological barrier is the preferred strategy. Ultimately, only a daily close back under 5.30 gives reason for concern.

Eur/NokAny hopes for the formation of a material base have now been quashed after the market collapsed through the recent yearly lows to break to fresh multi-year lows towards psychological barriers at 7.50. While daily studies are now looking stretched, we can not rule out the possibility at this point for extended declines towards the 2003 lows in the 7.20 area over the coming weeks. Any bullish prospects have now been officially sidelined.

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

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