The Euro has been depreciating against its counterpart the Norwegian Krone. In the past few days the pair took a turn South and reached a low of 8.9470. Currently the pair is trading at 8.9522 and falls below the support line which rests at 8.9830.
The Euro bulls would need something strong and optimistic out of Draghi to keep them going, otherwise the single European currency is bound to fall.
EUR/NOK may find immediate support a bit lower than current level at 8.9200 which would form a fourth bottom with the last three dips to that level.
Market sentiment remains bearish for the pair with 200SMA above price as another factor contributing to devaluation of the EUR/NOK.
Chart: EUR/NOK D1
But still consolidating within the range.
ReplyDeleteThank you for the analysis.
ReplyDeleteVery helpful assessment.
ReplyDeleteGood analysis. Very good explanations.
ReplyDeleteGood point! I'll keep an eye on it.
ReplyDeleteGood post!
ReplyDeleteVery helpful article.
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