EUR/NOK will test a new support at 9.4120 - Natixis

The resistance at 9.5815 (upper band of daily Bollinger) appears toppish for EUR/NOK cross in the short term given the weak daily volatility, bearing in mind the weekly stochastic remains bearish explains the analysis team at Natixis.

Key Quotes

“Under these conditions, it is very likely the EUR/NOK will test a new the support at 9.4120 (9-week moving average) before eyeing the one around 9.3380-9.35 (lower band of daily Bollinger) and possibly the one at 9.3010 (weekly parabolic).”

“These pullbacks will present opportunities for turning buyer of the pair (setting the stop loss below 9.25): the ascending channel in the weekly chart points to new rebounds towards 9.5815, a major obstacle before 9.6440 (upper band of weekly Bollinger) and 9.7540 (upper band of annual Bollinger).”