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EUR/NOK Very Well Suported in 7.70 Area; Look to Buy

EUR/NOK Very Well Suported in 7.70 Area; Look to Buy

2011-12-22 07:08:00
Joel Kruger, Technical Strategist
Share:

Eur/SekThe market remains very well supported and we look for a continuation of gains and fresh upside extension back towards key multi-week resistance by 9.35 over the coming days. A sustained break above 9.35 should accelerate gains and mark a material bullish shift in the overall structure. Ultimately, only a weekly close below 8.90 would give reason for concern. Look to buy dips towards 8.90.

Usd/SekThe market looks to be in the process of a major structural shift, with the latest multi-day consolidation broken to confirm the formation of a higher low and next major upside extension beyond 7.00. Recent setbacks have been well supported by previous resistance at 6.30 to further confirm constructive outlook and expose a retest of the critical November 2010 highs by 7.07 further up.

Usd/Nok The market looks to be in the process of a major structural shift, with the latest multi-day consolidation broken to confirm the formation of a higher low and next major upside extension beyond 6.00. Recent setbacks have been well supported by previous resistance at 5.40 to further confirm constructive outlook and expose a break of the 6.00 handle over the coming days. Back above 6.00 opens next key resistance zone by 6.25 area.

Eur/NokWe believe are finally starting to see the formation of a potential base in the cross following the latest sharp bounce out from some very solid support in the 7.50 area. From here, look for an acceleration of gains through the multi-week range highs by 7.95, with further acceleration expected on a break above 8.00. Only back below 7.60 concerns.

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

To be added to Joel Kruger’s distribution list, send an email with subject line “Distribution List” to jskruger@dailyfx.com

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