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EUR/NOK Triggers Double Bottom; Open s Move to 7.60 Further Up

EUR/NOK Triggers Double Bottom; Open s Move to 7.60 Further Up

2012-03-12 06:44:00
Nadia Compaoré, Market Strategist
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Eur/Sek Finally starting to follow through with our constructive outlook, with the market clearing some key resistance by 8.93 to open a fresh upside extension back towards the 9.10 area over the coming days. Setbacks should now be very well supported ahead of 8.85.

Usd/SekThe market has been unable to establish back under the 200-Day SMA and we are 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 been unable to establish back under the 200-Day SMA and we are 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/NokLooks to be finally attempting to establish some form of a base after being very well offered over the past several weeks. The latest break back above 7.49 triggers a double bottom which now open a measured move objective towards 7.60 further up. Only back under 7.38 negates.

--- Written by Joel Kruger, Technical Currency Strategist

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

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