EUR/NOK Testing Key Support; Looking for Bounce Over Coming Days
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/SekRecent setbacks have been well supported above the 200-Day SMA to further confirm constructive outlook and expose a break back towards the trend highs just over 7.00. Ultimately, only back under 6.60 delays outlook and gives reason for pause.
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 the latest break back over 5.75 helping to confirm outlook and accelerate gains. Only back under 5.65 delays.
Eur/NokSetbacks have stalled by critical support at 7.50 and the market could finally be poised for some bullish price action following a strong bullish reversal day. Look for a break back above 7.60 to confirm outlook and accelerate gains. Ultimately, only below 7.50 would negate.
--- Written by Joel Kruger, Technical Currency Strategist
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