EUR/NOK: Failure to reclaim 12.10 could trigger a short-term pullback – SocGen

Economists at Société Générale analyze EUR/NOK outlook.

11.82 is first support near term

EUR/NOK successfully defended the 200-Day Moving Average (DMA) last month and subsequently broke above the range since August. This has resulted in extension of rebound. 

The pair is gradually inching higher towards the peak achieved in May near 12.10. This could be an intermittent resistance. In case the pair fails to reclaim 12.10, a short-term pullback is likely. 

11.82, the 23.6% retracement from October is the first support near term.