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EUR/NOK Could Finally Have Posted Meaningful Low; Look to Buy

EUR/NOK Could Finally Have Posted Meaningful Low; Look to Buy

2012-03-06 06:46:00
Joel Kruger, Technical Strategist
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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 has broken back below the 200-Day SMA to suggest that more weakness could be in the cards. However, we still see this pair carving a more meaningful longer-term base and would be looking for the formation of a fresh medium-term higher low above 6.30 ahead of the next upside extension back through 7.00 over the coming weeks.

Usd/Nok The market has broken back below the 200-Day SMA to suggest that more weakness could be in the cards. However, we still see this pair carving a more meaningful longer-term base and would be looking for the formation of a fresh medium-term higher low above 5.40 ahead of the next upside extension back through 6.00 over the coming weeks.

Eur/NokThe market remains under intense pressure after breaking down below 7.50 and could have its sights set on the multi-year lows from back in 2002-2003 by 7.20. However, daily studies continue to look quite stretched so we still do not rule out the potential for a significant bullish reversal ahead. Nevertheless, a break back above 7.55 will now be required to alleviate immediate downside pressures.

--- Written by Joel Kruger, Technical Currency Strategist

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

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