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EUR/NOK Eyes Retest of Key 7.50 Area Lows But Should Be Well Supported

EUR/NOK Eyes Retest of Key 7.50 Area Lows But Should Be Well Supported

2012-02-14 06:03:00
Joel Kruger, Technical Strategist

Eur/SekRemains weighed down for now but we continue to like the prospects for a bullish resumption over the coming days. Look for setbacks to be well supported above 8.75, while back above 8.93 will confirm outlook and accelerate gains.

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. Above 7.07 open next upside extension towards 7.50 further up, while any interday declines should find renewed bids ahead of the 200-Day SMA.

Usd/Nok Has come under pressure in recent trade but could finally be looking to base out after stalling well ahead of the 200-Day SMA. Look for a bullish reversal over the coming sessions, with a break and close back above 5.75 to help confirm outlook and accelerate gains. Back under 5.70 delays.

Eur/NokThe market remains under pressure and is now contemplating a full retracement back towards the key lows from September 2011 by 7.50. However, risks for additional declines below 7.50 seem limited and with daily studies starting to show oversold, we like the idea of fading the weakness in anticipation of a more significant bullish reversal.

--- Written by Joel Kruger, Technical Currency Strategist

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

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